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US Dollar Rally Time

US Dollar Rally Time

Jamie Saettele, CMT, Sr. Technical Strategist

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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.

Dollar_Rally_Time__body_eurusd.png, US Dollar Rally Time

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.

Dollar_Rally_Time__body_gbpusd.png, US Dollar Rally Time

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.

Dollar_Rally_Time__body_audusd.png, US Dollar Rally Time

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.