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Afternoon Technicals (all charts)
Morning Notes:
EURUSD – The correction is probably nearing completion as price presses against the former 4th wave extreme at 13163. The advance is in 3 waves as well. Exceeding last night’s high would delay an immediate bearish outlook and shift focus to 13180-13210 in the process. The larger trend is viewed as down and rallies should be sold.
Prepared by Jamie Saettele, CMT
GBPUSD – Is in the exact same position as the EURUSD. The rally from last week’s low is in a clean 3 waves. Expectations are for the larger decline to resume.
Prepared by Jamie Saettele, CMT
AUDUSD – The advance from Friday’s low is shallow and corrective. 10350 has held and focus remains on the year to date low at 10145. Confidence in the bear side is high as long as price is below last night’s low (10357) although 10462 remains the key level.
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.
