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Risk Currencies on Verge of Collapse against US Dollar

Risk Currencies on Verge of Collapse against US Dollar

2012-04-23 13:49:00
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 – I wrote Friday that “the end of week rally is probably a last gasp before reality sets in for the EURUSD.” Today’s action confirms as much. Look lower towards 12900 and channel support. Watch the channel closely as a drop below would be a ‘tell’ that the decline from 13379 is a 3rd wave rather than a C wave. 13160 is short term resistance.

Risk_Currencies_on_Verge_of_Collapse_against_US_Dollar_body_eurusd.png, Risk Currencies on Verge of Collapse against US Dollar

Prepared by Jamie Saettele, CMT

AUDUSD – The AUDUSD is finally breaking down. Focus is on the 2012 low at 10145. CPI tonight should spark volatility. 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. CPI on Monday should spark volatility. 10315 is resistance Monday. Risk on shorts can be moved down to 10390.

Risk_Currencies_on_Verge_of_Collapse_against_US_Dollar_body_audusd.png, Risk Currencies on Verge of Collapse against US Dollar

Prepared by Jamie Saettele, CMT

NZDUSD – 5 waves down and 3 waves up at multiple degrees of trend. The NZDUSD is on the verge of collapsing. 8130 is resistance and risk on shorts can be moved down to 8190. A minimum objective (probably this week) is 7910.

Risk_Currencies_on_Verge_of_Collapse_against_US_Dollar_body_nzdusd.png, Risk Currencies on Verge of Collapse against US Dollar

Prepared by Jamie Saettele, CMT

USDOLLAR – The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) is coiled and primed to explode higher. A drop below 9893 would negate the bullish bias and shift focus to the trendline that extends off of the February lows in the mid 9800s.

Risk_Currencies_on_Verge_of_Collapse_against_US_Dollar_body_usdollar.png, Risk Currencies on Verge of Collapse against US Dollar

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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