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Australian Dollar is Biggest Loser as Price Nears Lows

Australian Dollar is Biggest Loser as Price Nears Lows

Jamie Saettele, CMT, Sr. Technical Strategist

FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

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

USDJPY – I 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

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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