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AUDUSD Returns to Sunday Open; Resistance Extends to 10165

AUDUSD Returns to Sunday Open; Resistance Extends to 10165

2012-05-10 14:08:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

IN GENERAL – Work down from larger degrees of trend. Markets (crude, copper, equities especially small caps, and commodity FX) are on the way down after forming multiyear topping patterns. Many of these topping patterns take the form of head and shoulders tops. Strength should be sold. From a timing perspective, pay attention to the opening range for respective markets (early Asian session for AUDUSD and NZDUSD). Map out your levels and know what you will do when that price is reached. Beware of rumors and event risk, which often result in countertrend spikes (best to fade these spikes). If you want to learn more about specific timing strategies (opening range for example) and my trading, then join my next week for a trading bootcamp.

Most of the AUDUSD short was exited last night on the break above the Asian opening range. It was the first time that price had held and broken above the Asian opening range since May 4th. Price has entered the 10135/65 resistance zone (5 day average and short term pivot on Tuesday) mentioned last night on Twitter. Keep an eye on resistance in the AUDNZD (12890) and the S&P (1370/75 for e-mini) for help in position sizing and timing the AUDUSD. 9975 and 9860 are the next bearish objectives.

AUDUSD Spot Weekly

AUDUSD_Returns_to_Sunday_Open_body_audusd.png, AUDUSD Returns to Sunday Open; Resistance Extends to 10165

Prepared by Jamie Saettele, CMT

NZDUSDSpot Weekly

AUDUSD_Returns_to_Sunday_Open_body_nzdusd.png, AUDUSD Returns to Sunday Open; Resistance Extends to 10165

Prepared by Jamie Saettele, CMT

Crude (top) and Copper (bottom) Weekly Continuous Futures

AUDUSD_Returns_to_Sunday_Open_body_CRUDECOPPER.png, AUDUSD Returns to Sunday Open; Resistance Extends to 10165

Prepared by Jamie Saettele, CMT

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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