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Euro Bullish on Dips as Australian Dollar Presses against Trendline

Euro Bullish on Dips as Australian Dollar Presses against Trendline

Jamie Saettele, CMT, Sr. Technical Strategist

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Continue to look higher in the EURUSD this week towards the 38.2% retracement of wave 3, which comes in at 12554. The former 4th wave of one less degree is also of interest at 12746. 12320/40 is early week support.

The AUDUSD is pressing against an upward sloping trendline and 78.6% retracement of the decline from 10855. The trendline that extends off of the 2011 and 2012 highs comes in just shy of 10700 this week. A top is expected. One may wish to look at EURAUD in order to play AUD weakness as well.

EURUSD – Daily Bars

Euro_Bullish_on_Dips_as_Australian_Dollar_Presses_against_Trendline_body_eurusd.png, Euro Bullish on Dips as Australian Dollar Presses against Trendline

Prepared by Jamie Saettele, CMT

AUDUSD – Daily Bars

Euro_Bullish_on_Dips_as_Australian_Dollar_Presses_against_Trendline_body_audusd.png, Euro Bullish on Dips as Australian Dollar Presses against Trendline

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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