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Buying US Dollars on Dips

Buying US Dollars on Dips

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 – 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

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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