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Early Week Focus is on Shorting AUDUSD Strength

Early Week Focus is on Shorting AUDUSD Strength

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.)

As focused on in Friday’s DailyFX PLUS webinar, the weight of evidence suggests that at least a near term top is in place for ‘risk’. After declining in 5 waves, the DJIA is probably nearing the end of a 3 wave advance. 13523/44 is the ideal area for a top to form (former 4th wave and 61.8% retracement).

In order to take advantage of the perceived top in risk, my focus is on shorting strength in the AUDUSD and NZDUSD (although the NZDUSD may sneak to one final high above Friday’s high). Expect resistance just above 10400, specifically 10417. This level is defined by the 61.8% retracement of the decline from Friday’s high and the 100% extension of the rally off of the low.

DJIA – 60 Minute Bars

Early_Week_Focus_is_on_Shorting_AUDUSD_Strength_body_dow.png, Early Week Focus is on Shorting AUDUSD Strength

Prepared by Jamie Saettele, CMT

AUDUSD – 15 Minute Bars

Early_Week_Focus_is_on_Shorting_AUDUSD_Strength_body_audusd.png, Early Week Focus is on Shorting AUDUSD Strength

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail Follow me on Twitter @JamieSaettele

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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.