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EURUSD Friday High Serves as Short Term Pivot

EURUSD Friday High Serves as Short Term Pivot

2012-07-02 13:15:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Other TA (crosses, COT, etc.)

“Think back to early June. Bulls capitulated after the awful NFP release on June 1 and the USD hasn’t traded higher since! The current situation is the exact opposite.” It is the first trading day of July and as mentioned, market sentiment has completely reversed from where it was in one month ago.

The NZDUSD is at a trendline that extends off of the February and April highs. The general area is reinforced by the March low and 4/23 low at 8058/87 (200 day average is just below the current level). The AUDUSD is also in the vicinity of its April low of 10225, which is reinforced by the 200 day average. The cleanest short term pattern is the EURUSD, which may have put in a 2nd wave high with Friday’s surge.

Continue to follow the USD Index 1995/96 analog.

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

EURUSD_Friday_High_Serves_as_Short_Term_Pivot_body_all.png, EURUSD Friday High Serves as Short Term Pivot

Prepared by Jamie Saettele, CMT

EURUSD – 60 Minute Bars

EURUSD_Friday_High_Serves_as_Short_Term_Pivot_body_eurusd.png, EURUSD Friday High Serves as Short Term Pivot

Prepared by Jamie Saettele, CMT

AUDUSD – Daily Bars

EURUSD_Friday_High_Serves_as_Short_Term_Pivot_body_audusd.png, EURUSD Friday High Serves as Short Term Pivot

Prepared by Jamie Saettele, CMT

NZDUSD – Daily Bars

EURUSD_Friday_High_Serves_as_Short_Term_Pivot_body_nzdusd.png, EURUSD Friday High Serves as Short Term Pivot

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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