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Don't Chase Dollar Weakness Here; Fade It

Don't Chase Dollar Weakness Here; Fade It

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:

EURUSD – The rally has extended in time but not much in price. Price has spiked slightly above the former 4th wave extreme (13163) and tested the underside of former trendline support as well (see 2nd chart). A turn lower is expected.

Dont_Chase_Dollar_Weakness_Here_Sell_It_body_eurusd.png, Don't Chase Dollar Weakness Here; Fade It

Prepared by Jamie Saettele, CMT

Dont_Chase_Dollar_Weakness_Here_Sell_It_body_eurusd_1.png, Don't Chase Dollar Weakness Here; Fade It

Prepared by Jamie Saettele, CMT

GBPUSD – The rally from the low has extended but treating strength as corrective is appropriate given the 5 wave decline from 16062. Currently testing the 61.8% retracement of the decline price should turn lower now if the larger trend did indeed reverse last week (don’t forget that a WEEKLY key reversal formed last week).

Dont_Chase_Dollar_Weakness_Here_Sell_It_body_gbpusd.png, Don't Chase Dollar Weakness Here; Fade It

Prepared by Jamie Saettele, CMT

AUDUSD – The April high at 10464 is the line in the sand for AUDUSD bears. Exceeding that level would shift focus to 10510 and 10595 (former supports). As long as price is below there, the trend is considered down and focus remains on the year to date low at 10145. Resistance is bolstered at the current level by the underside of former trendline support, channel resistance, 20 day average, and 200 day average.

Dont_Chase_Dollar_Weakness_Here_Sell_It_body_audusd.png, Don't Chase Dollar Weakness Here; Fade It

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.