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USD Stable After Friday Drop

USD Stable After Friday Drop

Jamie Saettele, CMT, Sr. Technical Strategist

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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

USD_Stable_After_Friday_Drop_body_all.png, USD Stable After Friday Drop

Prepared by Jamie Saettele, CMT

AUDUSD – 240 Minute Bars

USD_Stable_After_Friday_Drop_body_audusd.png, USD Stable After Friday Drop

Prepared by Jamie Saettele, CMT

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Jamie is the author of Sentiment in the Forex Market.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.