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)
I’m a bigger picture USD bull but recognize the potential for another bout of USD weakness before the acceleration phase of the advance. Based on early July trading (opening range for the month), I’m bullish the USD now against the July USD lows (10330 AUDUSD and 12677 EURUSD). If those USD lows are broken, it doesn’t make sense to fight USD weakness as per the 1995/96 USD model.
As for positions, I am short the AUDUSD (10240 entry last week) with a stop above 10280 (originally was above 10330). There may be opportunities to play both sides of the EURUSD this week. Friday’s action, high volume at the low and 240 minute key reversal, suggests additional strength towards 12360-12400 before weakness resumes. Failure to hold Friday’s low would shift focus to the next objective below 12100 (12060s).
“THE MARKET(S)” a.k.a. “RISK” SNAPSHOT - 60 Minute Closes
Prepared by Jamie Saettele, CMT
AUDUSD – 240 Minute Bars
Prepared by Jamie Saettele, CMT
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele
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Jamie is the author of Sentiment in the Forex Market.
Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.
