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AUDUSD Initial Objectives Just Below Market

AUDUSD Initial Objectives Just Below Market

2012-04-04 13:33:00
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:

S&P – “5 waves down from the 3/27 high and the subsequent 3 wave recovery give scope to a sharp 3rd wave decline from current levels.” That decline is underway. 1377 and 1366 are interim supports.

AUDUSD_Initial_Objectives_Just_Below_Market_body_spx.png, AUDUSD Initial Objectives Just Below Market

Prepared by Jamie Saettele, CMT

EURUSD – A break below 13003 is favored sooner rather than later as a 3rd (or C) wave is probably underway from 13384. 12880 comes into immediate focus on a break. 13140/60/80 is resistance.

AUDUSD_Initial_Objectives_Just_Below_Market_body_eurusd.png, AUDUSD Initial Objectives Just Below Market

Prepared by Jamie Saettele, CMT

AUDUSD – Continue to look lower towards January pivots of 10230 and 10145 (YTD low). If risk really falls out of bed, then December lows at 10045 and 9860 are in focus. 10315/50 is resistance but the fast nature of the market necessitates an active approach and I’ll be updating short term levels through Twitter @JamieSaettele.

AUDUSD_Initial_Objectives_Just_Below_Market_body_audusd.png, AUDUSD Initial Objectives Just Below Market

Prepared by Jamie Saettele, CMT

USDJPY – I wrote last night that “The correction may be complete…I’d prefer to see the USDJPY hold the low for several days before trying the long side.” Action since the US close reinforces my concerns about being long USDJPY at the current juncture. Irrespective of the technical setup, macro conditions may not be conducive to longs. 8250 is resistance. 8205, 8150, and 8100 are supports.

AUDJPY – The AUDJPY has traded to a fresh 20 day low and focus remains lower towards 8385 and 8285. 8490 and 8525 are resistance.

AUDUSD_Initial_Objectives_Just_Below_Market_body_audjpy.png, AUDUSD Initial Objectives Just Below Market

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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