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Trading a NZDUSD Breakout

Trading a NZDUSD Breakout

2012-09-21 13:27:00
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.)

Good morning! Just a quick update on yesterday’s setups:

Yesterday - “The deeper setbacks in the EURUSD and AUDUSD are tempting but the NZDUSD is the cleanest of the setups. The EURUSD decline stalled just shy of 12900 today. The decline would consist of 2 equal legs from the top at 12896 but the 9/12 high intersects today’s low. The AUDUSD decline would consist of 2 equal legs from the top at 10280 and the drop has yet to reach corrective channel support. Risk on longs in AUDUSD should be kept to today’s low given the extension potential on a drop to a new low (today’s low is an intraday pivot high from 9/10). The NZDUSD is the best setup as the decline channels in a corrective manner and today’s low intersects with the August high.”

Today – the AUDUSD is up slightly more than the NZDUSD but the NZDUSD remains the strong setup. Having already extended through its 61.8% retracement, the NZDUSD is nearing the high. Expectations are for acceleration (probably next week) towards 8400. 8280/90 is now support. The AUDUSD faces potential resistance at 10525 today and support is now 10445/58. The weight of evidence favors dip buyers. The EURUSD faces resistance at 13057/75 and one still cannot rule out a test of 12900. The larger trend is up regardless but EURAUD and EURNZD bearish evidence does suggest that NZDUSD and AUDUSD are better plays.

EURUSD – 60 Minute Bars

Trading_a_NZDUSD_Breakout_body_eurusd.png, Trading a NZDUSD Breakout

Prepared by Jamie Saettele, CMT

AUDUSD – 60 Minute Bars

Trading_a_NZDUSD_Breakout_body_audusd.png, Trading a NZDUSD Breakout

Prepared by Jamie Saettele, CMT

NZDUSD – 60 Minute Bars

Trading_a_NZDUSD_Breakout_body_nzdusd.png, Trading a NZDUSD Breakout

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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