Short Term EURUSD Possibility and Short Term AUD and NZD Levels
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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
Prepared by Jamie Saettele, CMT
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Jamie is the author of Sentiment in the Forex Market.
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