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AUDUSD and NZDUSD Key Reversals Paint Bullish Picture

AUDUSD and NZDUSD Key Reversals Paint Bullish Picture

Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

Morning Notes:

EURUSD – From last night; “Despite the turn higher, EURUSD structure is bearish under 13190 (perhaps in the guise of an ending diagonal from 13290).” The sharp turn higher this morning (following CPI) has resulted in a break of trendline resistance. Look higher towards 13190 (former pivot) and 13250 (Fibonacci confluence).

AUDUSD_and_NZDUSD_Key_Reversals_Paint_Bullish_Picture_body_eurusd.png, AUDUSD and NZDUSD Key Reversals Paint Bullish Picture

Prepared by Jamie Saettele, CMT

AUDUSD – From last night; “If the presented count is correct however, then this is one the best buying opportunities of the year. KEEP RISK TO 10420 as failure of the bullish structure would probably trigger sharp losses.” Pattern from yesterday’s low may compose waves 1 and 2 of the larger degree 5th wave. This is an aggressive count but reward/risk is highly favorable for bulls against 10505.

AUDUSD_and_NZDUSD_Key_Reversals_Paint_Bullish_Picture_body_audusd.png, AUDUSD and NZDUSD Key Reversals Paint Bullish Picture

Prepared by Jamie Saettele, CMT

NZDUSD – Pattern from yesterday’s low may compose waves 1 and 2 of the larger degree 5th wave. This is an aggressive count but reward/risk is highly favorable for bulls against 8175.

AUDUSD_and_NZDUSD_Key_Reversals_Paint_Bullish_Picture_body_nzdusd.png, AUDUSD and NZDUSD Key Reversals Paint Bullish Picture

Prepared by Jamie Saettele, CMT

USDJPY –Focus for the month remains 8550, which is defined by the 2011 high and confluence of Fibonacci extensions (100% extension of 7602-8162 / 8001 and 261.8% extension of 8001-8187 / 8058). The best strategy is to continue moving up the stop, which should now be under this week’s low at 8195 (for medium term players). I am long on a shorter term basis with a stop under last night’s low but weakness below 9325 would shift focus to 8280/95. Watch the top of the former base channel (in green) for support as well.

AUDUSD_and_NZDUSD_Key_Reversals_Paint_Bullish_Picture_body_usdjpy.png, AUDUSD and NZDUSD Key Reversals Paint Bullish Picture

Prepared by Jamie Saettele, CMT

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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