We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
Oil - US Crude
Wall Street
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The price of #gold may continue to exhibit a bullish behavior in June as the pullback from the yearly high ($1765) reverses ahead of the May low ($1670). Get your Gold market update from @DavidJSong here: https://t.co/OeaYtCpcIo https://t.co/UQVPIVCTCP
  • The $USD breakdown has taken the index into confluence support at the objective yearly open. Get your USD technical analysis from @MBForex here: https://t.co/A16XEv6n4d https://t.co/GzEp3gCAe5
  • US equities continue to run higher with the Nasdaq 100 setting a fresh all-time-high, not even three months after giving back almost a third of its value in about a month. Get your #Nasdaq technical analysis from @JStanleyFX here: https://t.co/1LI54uvI8x https://t.co/e9FvSLqfaA
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/UyQ4i0AihI
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/AJlT2YKeCu
  • USD/JPY is approaching medium-term uptrend resistance and while the outlook remains constructive, the advance may be vulnerable near-term while below confluence resistance. Get your $USDJPY technical analysis from @MBForex here: https://t.co/93D7AyhHtG https://t.co/KQcLLrkMP3
  • AUD/USD has had the most impressive show of trend over the past couple of months with the pair gaining almost 1500 pips from the March low. Get your $AUDUSD technical analysis from @JStanleyFX here: https://t.co/vLz4Rpln3u https://t.co/AOwnJja5V8
  • Has the #Euro been saved? Find out from @CVecchioFX here: https://t.co/eiXfOTyGa6 https://t.co/AyRiYpb4cN
  • U.S. Market Analyst at https://t.co/JsVsSmefgR, Shain Vernier covers - ✔️ Safe haven assets in volatile markets ✔️ Central banks and governments ✔️ How will commodities trade in a recession Only on Trading Global Markets Decoded #podcast. Tune in here: https://t.co/1UmEzEbwiy https://t.co/ygwjGNvS61
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
EURUSD Drops to 2012 Low but Don't Get Caught Chasing

EURUSD Drops to 2012 Low but Don't Get Caught Chasing

2012-05-23 10:09:00
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.)

This morning’s action may compose the ‘flush’ before a larger correction takes hold. There are no setups to short the USD here with a sensible stop. Sure, the USD may extend a bit beyond current levels but reward/risk on USD longs is no longer favorable (except maybe against the Yen). HUGE levels have given way, most notably the January low at 12623 in the EURUSD. In my experience, the breech of such levels tends to give way to consolidation / corrective action BEFORE the next larger move. Make no mistake, the larger trend is towards USD strength but don’t get caught long USD at bad prices.

I’ll look to identify USD support as corrections unfold in real time but levels to keep in mind are 15890 in GBPUSD, 12870-12900 in EURUSD, 9970-10020 in AUDUSD, 7760 in NZDUSD, and 10060 in USDCAD.

EURUSD 240 Minute

EURUSD_Drops_to_2012_Low_but_Dont_Get_Caught_Chasing_body_eurusd.png, EURUSD Drops to 2012 Low but Don't Get Caught Chasing

Prepared by Jamie Saettele, CMT

GBPUSD 240 Minute

EURUSD_Drops_to_2012_Low_but_Dont_Get_Caught_Chasing_body_gbpusd.png, EURUSD Drops to 2012 Low but Don't Get Caught Chasing

Prepared by Jamie Saettele, CMT

NZDUSD 240 Minute

EURUSD_Drops_to_2012_Low_but_Dont_Get_Caught_Chasing_body_nzdusd.png, EURUSD Drops to 2012 Low but Don't Get Caught Chasing

Prepared by Jamie Saettele, CMT

USDOLLAR 240 Minute

EURUSD_Drops_to_2012_Low_but_Dont_Get_Caught_Chasing_body_usdollar.png, EURUSD Drops to 2012 Low but Don't Get Caught Chasing

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.


News & Analysis at your fingertips.