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Buying US Dollars on Dips

Buying US Dollars on Dips

Jamie Saettele, CMT, Sr. Technical Strategist

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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 – Currently testing former resistance from early March highs, the goal should be to sell rallies against the first day of the month high. 1383/86 is resistance and focus is on the March low at 1340.90.

Buying_US_Dollars_on_Dips_body_spx.png, Buying US Dollars on Dips

Prepared by Jamie Saettele, CMT

EURUSD – The corrective rally is shallow to this point. Shorts are warranted on rallies into the top of the recent range (13110) and 13165 (Thursday high). Focus remains on 12880.

Buying_US_Dollars_on_Dips_body_eurusd.png, Buying US Dollars on Dips

Prepared by Jamie Saettele, CMT

AUDUSD – Focus remains on the year to date low at 10145. A break below the channel would suggest that a 3rd wave impulse is underway towards December pivots at 10043 and perhaps 9860 (161.8% extension is in the middle of those levels but I place more importance on prior pivots than Fibonacci). 10350 is resistance. I’m bearish against 10462.

Buying_US_Dollars_on_Dips_body_audusd.png, Buying US Dollars on Dips

Prepared by Jamie Saettele, CMT

USDJPY – Precision regarding levels and pattern is warranted now that the correction has taken on an identifiable form, specifically an A-B-C corrective decline. Wave B is a triangle and the NFP print triggered the terminal thrust in wave C. Evidence is sufficient to warrant longs again. Strategically, look for lows early this week.

Buying_US_Dollars_on_Dips_body_usdjpy.png, Buying US Dollars on Dips

Prepared by Jamie Saettele, CMT

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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.