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Short Term Bullish Opportunities in Euro against Commodity FX

Short Term Bullish Opportunities in Euro against Commodity FX

2012-10-10 13:05:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The AUDUSD and NZDUSD are pressing against resistance in early US trade. As focused on last night, a downside NZDUSD bias is warranted against 8238.

With the EURUSD holding 12802, I’d rather play commodity FX weakness against the Euro. At near term support, I’m looking for a bounce from current levels into a secondary top before weakness resumes later in October. EURCAD resistance is centered on 12647/84. EURAUD resistance is probably strongest at 12700/21. EURNZD resistance is 15831/65.

EURCAD – Daily Bars

Short_Term_Bullish_Opportunities_in_Euro_against_Commodity_FX__body_eurcad.png, Short Term Bullish Opportunities in Euro against Commodity FX

Prepared by Jamie Saettele, CMT

EURAUD – Daily Bars

Short_Term_Bullish_Opportunities_in_Euro_against_Commodity_FX__body_euraud.png, Short Term Bullish Opportunities in Euro against Commodity FX

Prepared by Jamie Saettele, CMT

EURNZD – 60 Minute Bars

Short_Term_Bullish_Opportunities_in_Euro_against_Commodity_FX__body_eurnzd.png, Short Term Bullish Opportunities in Euro against Commodity FX

Prepared by Jamie Saettele, CMT

To contact Jamie e-mail jsaettele@dailyfx.com. 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.

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