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Trading a NZDUSD Breakout

Trading a NZDUSD Breakout

Jamie Saettele, CMT, Sr. Technical Strategist

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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

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Jamie is the author of Sentiment in the Forex Market.

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