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Short Term EURUSD Possibility and Short Term AUD and NZD Levels

Short Term EURUSD Possibility and Short Term AUD and NZD Levels

Jamie Saettele, CMT, Sr. Technical Strategist

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AUDUSD focus remains on the Fibonacci confluence and 6/25 low at 9968/90 and NZDUSD focus is on the 61.8% retracement of the rally from 7455 and 7/25 low at 7799-7807 but the post ISM reaction is consistent with the beginning of a corrective bounce. Resistance is now 10250/70 and 8230/45. Make no mistake, I am bearish but would welcome intraday strength to increase short exposure.

The EURUSD breakdown level is 12802. As long as price is above there, one cannot dismiss a run at 13030/47 (61.8% of decline from 13172, 9/21 high, and 100% extension of the rally from 12802 if 12876 holds). I’m a seller above 13000 or below 12800.

EURUSD – 60 Minute Bars

Short_Term_EURUSD_Possibility_and_Short_Term_AUD_and_NZD_Levels_body_eurusd.png, Short Term EURUSD Possibility and Short Term AUD and NZD Levels

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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