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Impulsive EURUSD Rally Gives Scope to Pullback

Impulsive EURUSD Rally Gives Scope to Pullback

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.)

Yesterday’s afternoon technicals cover the bigger picture but near term patterns (5 wave rallies in EURUSD and GBPUSD, possible zigzag in AUDUSD) are clear and SUGGEST that at least a USD near term (near term meaning 1-3 days) low may be in place. Regarding the AUDUSD, the rally from June 1 is a triangle leg and upside potential as high as 10600+ exists over the next week or two but the double zigzag structure from 10173 suggests at least a pullback.

EURUSD – 60 Minute Bars

Impuslive_EURUSD_Rally_Gives_Scope_to_Pullback_body_eurusd.png, Impulsive EURUSD Rally Gives Scope to Pullback

Prepared by Jamie Saettele, CMT

GBPUSD – 60 Minute Bars

Impuslive_EURUSD_Rally_Gives_Scope_to_Pullback_body_gbpusd.png, Impulsive EURUSD Rally Gives Scope to Pullback

Prepared by Jamie Saettele, CMT

AUDUSD – 60 Minute Bars

Impuslive_EURUSD_Rally_Gives_Scope_to_Pullback_body_audusd.png, Impulsive EURUSD Rally Gives Scope to Pullback

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.

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.

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

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