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German Stock Market Pattern Favors Bearish Macro Outlook

German Stock Market Pattern Favors Bearish Macro Outlook

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:

DAX – With focus back on Europe, keep an eye on the German DAX. The rally from the September low appears complete in 3 waves. Expect resistance at 6763 (and watch short term Elliott channel resistance).

German_Stock_Market_Pattern_Favors_Bearish_Macro_Outlook_body_dax.png, German Stock Market Pattern Favors Bearish Macro Outlook

Prepared by Jamie Saettele, CMT

EURUSD – Focus is on January resistance at 12880. This level intersects channel support late this week. Watch that level closely because a drop below the channel would be a ‘tell’ that the decline from 13379 is a 3rd wave rather than a C wave. Early week resistance is 13100.

German_Stock_Market_Pattern_Favors_Bearish_Macro_Outlook_body_eurusd.png, German Stock Market Pattern Favors Bearish Macro Outlook

Prepared by Jamie Saettele, CMT

GBPUSD – Look lower towards 15770 and the 100% extension at 15727. The 100% extension intersects channel support on Tuesday. The implications regarding the channel are the same for the GBPUSD as for the EURUSD (a break under would be a ‘tell’ that a 3rd wave is underway). Early week resistance is 15900.

German_Stock_Market_Pattern_Favors_Bearish_Macro_Outlook_body_gbpusd.png, German Stock Market Pattern Favors Bearish Macro Outlook

Prepared by Jamie Saettele, CMT

AUDUSD – Thursday’s advance failed just before 10464 and at the underside of former trendline support and channel resistance. 10145-10386 is the opening range for the year (first 2 weeks) and a break of the early year range would open up the floodgates towards 9860 and 9660. Early week resistance is 10400.

German_Stock_Market_Pattern_Favors_Bearish_Macro_Outlook_body_audusd.png, German Stock Market Pattern Favors Bearish Macro Outlook

Prepared by Jamie Saettele, CMT

NZDUSD – A 3 wave (corrective) advance is probably complete at Friday’s high. Look lower towards the March low at 8060. A drop below would shift focus to resistance from December at 7878. Early week resistance is 8250.

German_Stock_Market_Pattern_Favors_Bearish_Macro_Outlook_body_nzdusd.png, German Stock Market Pattern Favors Bearish Macro Outlook

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.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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