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Pressing Euro and Commodity FX Weakness Early in Week

Pressing Euro and Commodity FX Weakness Early in Week

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.)

It’s possible that the EURUSD, AUDUSD and NZDUSD made their highs for the week on Sunday night’s open. Keep Friday’s bigger picture outlook handy for perspective.

“THE MARKET(S)” a.k.a. “RISK” SNAPSHOT - 60 Minute Closes

Pressing_Euro_and_Commodity_FX_Weakness_Early_in_Week_body_all.png, Pressing Euro and Commodity FX Weakness Early in Week

Prepared by Jamie Saettele, CMT

EURUSD – 240 Minute Bars

Pressing_Euro_and_Commodity_FX_Weakness_Early_in_Week_body_eurusd.png, Pressing Euro and Commodity FX Weakness Early in Week

Prepared by Jamie Saettele, CMT

Early week focus is on the 6/8 low at 12435 and the 100% extension of the 12742-12519 decline at 12359. It’s significant that Sunday’s opening range was resolved to the downside. Sunday evening is the most probable point of the week for a pivot to form.

AUDUSD – 240 Minute Bars

Pressing_Euro_and_Commodity_FX_Weakness_Early_in_Week_body_audusd.png, Pressing Euro and Commodity FX Weakness Early in Week

Prepared by Jamie Saettele, CMT

Early week focus is on former pivots at 9920 and 9820. The 100% extension of the 10224-10008 decline falls within the middle of this range at 9861. It’s significant that Sunday’s opening range was resolved to the downside. Sunday evening is the most probable point of the week for a pivot to form.

NZDUSD – 240 Minute Bars

Pressing_Euro_and_Commodity_FX_Weakness_Early_in_Week_body_nzdusd.png, Pressing Euro and Commodity FX Weakness Early in Week

Prepared by Jamie Saettele, CMT

Early week focus is on 7810, the 100% extension of the 8016-7846 decline at 7849 (in line with 6/7 high), and the 161.8% extension at 7644 (in line with the 5/29 high). It’s significant that Sunday’s opening range was resolved to the downside. Sunday evening is the most probable point of the week for a pivot to form.

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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