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Sideways Trading to Clear Way for Next Major Dollar Move

Sideways Trading to Clear Way for Next Major Dollar Move

2012-06-27 13:32:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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.)

Keep in mind what was written Friday – “The veracity with which the market fell on Thursday gives credence to the interpretation that the rally from the 6/1 low is complete. To be sure, markets don’t move in straight lines and there’s sure to be jockeying by both sides next week if for no other reason than to produce doubt amongst participants regarding the larger trend.” The tight ranges this week epitomize the ‘jockeying’ ahead of the next sharp move, which the weight of evidence suggests is DOWN.

The NZDUSD has reversed after retracing half of its decline…the AUDUSD has nearly retraced half of its decline and is in the reversal vicinity…and the EURUSD is trading like dead weight. I’m unlikely to get aggressive on position size until next week. In fact, don’t rule out additional upside into 10130/60 AUDUSD and 7950/70 NZDUSD. The USDJPY long from yesterday is working and the stop has been moved up from 7860 to 7920.

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

Sideways_Trading_to_Clear_Way_for_Next_Major_Dollar_Move_body_all.png, Sideways Trading to Clear Way for Next Major Dollar Move

Prepared by Jamie Saettele, CMT

AUDUSD – 60 Minute Bars

Sideways_Trading_to_Clear_Way_for_Next_Major_Dollar_Move_body_audusd.png, Sideways Trading to Clear Way for Next Major Dollar Move

Prepared by Jamie Saettele, CMT

NZDUSD – 60 Minute Bars

Sideways_Trading_to_Clear_Way_for_Next_Major_Dollar_Move_body_nzdusd.png, Sideways Trading to Clear Way for Next Major Dollar Move

Prepared by Jamie Saettele, CMT

USDJPY – 60 Minute Bars

Sideways_Trading_to_Clear_Way_for_Next_Major_Dollar_Move_body_usdjpy.png, Sideways Trading to Clear Way for Next Major Dollar Move

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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