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Australian Dollar is Biggest Loser as Price Nears Lows

Australian Dollar is Biggest Loser as Price Nears Lows

2012-03-28 14:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Morning Notes:

EURUSD – The EURUSD remains confined to a tight range...One can make a case that the decline from 13485 and advance from 13003 composes waves 1 and 2 of the next bear leg. That may be the case but from a trading standpoint I would wait until next week before doing anything. Short term support is 13290, 13190 is the pivot and 13415 (100% extension of rally from 13003) is resistance.

Australian_Dollar_is_Biggest_Loser_as_Price_Nears_Lows_body_eurusd.png, Australian Dollar is Biggest Loser as Price Nears Lows

Prepared by Jamie Saettele, CMT

USDJPYI am still looking higher/sideways in the Yen crosses until next week. With respect to the USDJPY, focus remains on the March high above 8400 as per the 3 wave (corrective) decline from 8417.

Australian_Dollar_is_Biggest_Loser_as_Price_Nears_Lows_body_usdjpy.png, Australian Dollar is Biggest Loser as Price Nears Lows

Prepared by Jamie Saettele, CMT

AUDUSD – I wrote last night that “the AUDUSD has significantly lagged equities throughout March. In fact, price has trended lower and adhered to trendline resistance throughout March yet the S&P 500 traded to a nearly 4 year high yesterday. A lagging market is a market at risk.” The AUD is weak across the board as the biggest losers at the US open are AUDJPY, AUDUSD, and AUDCAD. Resistance in AUDUSD is 10425/75. A break would target former pivots at 10150/10200.

Australian_Dollar_is_Biggest_Loser_as_Price_Nears_Lows_body_audusd.png, Australian Dollar is Biggest Loser as Price Nears Lows

Prepared by Jamie Saettele, CMT

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

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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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