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Afternoon Technicals (all charts)
Just some quick looks at short term developments this morning. I remain short USDCAD (stop 9985) and long USDJPY (stop 7960) for larger moves. The biggest technical development is the NZDUSD break to late January levels. A breakout strategy is outlined below.
SPX 500 60 Minute Bars
Weakness TO THIS POINT is in 3 waves, which keeps near term pattern constructive above yesterday’s lows.
EURUSD 240 MINUTE BARS
The reversal under 13100 (61.8% retracement of the advance from 12994 and 4/23 low) should be taken seriously given the context (on news and early in the month). Technically, nothing is resolved yet as price remains within a tight range (triangle?). The next support is 13060 and short term resistance is 13200.
NZDUSD 240 MINUTE BARS
The NZDUSD has broken to levels not since late January. Near term focus is on resistance from January at 7981 and 7910. Very rarely should one chase price in FX and this time is no exception. Rather, I favor shorts on pullbacks into 8060-8120 with a stop above 8165.
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.
