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Trade Setups in AUDUSD and USDJPY

Trade Setups in AUDUSD and USDJPY

2012-09-17 13:58:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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.)

Early week focus is on the AUDUSD and USDJPY as per event risk in Japan (rate decision tomorrow) and Australia (RBA minutes tonight).

The USDJPY drop lower last week probably completed a terminal thrust from a triangle. It’s taken just 2 days for the USDJPY to return to the early September high (7903). The target is 8061 (top of triangle). Support is now 7865 and a bullish bias is warranted against last night’s low of 7816.

Several days of congestion are probably underway in the AUDUSD after the test of the August high washed out a crowded group of shorts. Initial support is 10487 but a test of 10400/26 (preferably on a reaction to news tonight) would present an opportunity to buy a dip against 10320 for upside continuation through month end.

USDJPY – Daily Bars

Trade_Setups_in_AUDUSD_and_USDJPY_body_usdjpy.png, Trade Setups in AUDUSD and USDJPY

Prepared by Jamie Saettele, CMT

AUDUSD – Daily Bars

Trade_Setups_in_AUDUSD_and_USDJPY_body_audusd.png, Trade Setups in AUDUSD and USDJPY

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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