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Short Term Trade Setup in AUDNZD and S&P 500 Implications

Short Term Trade Setup in AUDNZD and S&P 500 Implications

2012-10-18 14:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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.)

-EURUSD-bouncing from small 4th wave support (13086). Stronger support in the event of a dip from here come in at 13014/51. The EURUSD is at a high risk level for bulls right now but a drop below 12990 (and spending some time below) is needed to suggest that some sort of a top is in in place.

-AUDCHF-intraday action remains constructive and I’m looking to increase long exposure below 9540. Risk has been moved up from 9435 to 9489.

-EURJPY-stopped out of shorts at 10390 for a 70 pip loss. The next level that could produce a market response is 10451/81. 10451=50% extension of 9411-10385 / 9963. 10461=April low. 10481=61.8% retracement of 11143-9411.

-AUDUSD and NZDUSD – remain constructive against 10270 and 8108 but the reaction at the highs this morning is suggestive of pullbacks. Supports are 10325/39 and 8142/61.

-AUDNZD-is approaching resistance from 12687-12717 (JS Thrust day close from 9/13 and 38.2% retracement of decline from 13277). Shorts into that level may result in a return to the former 4th wave at 12487.

-SPX 500-The call last week was for a new high in equities to complete a 5th wave. This scenario remains favored over the next few weeks but allow for weakness in wave 2 of 5 over the next few days. The S&P could drop 12 to 26 points from the overnight high before turning up.

AUDCHF – 60 Minute Bars

Short_Term_Trade_Setup_in_AUDNZD_and_SP_500_Implications_body_audchf.png, Short Term Trade Setup in AUDNZD and S&P 500 Implications

Prepared by Jamie Saettele, CMT

AUDUSD – 15 Minute Bars

Short_Term_Trade_Setup_in_AUDNZD_and_SP_500_Implications_body_audusd.png, Short Term Trade Setup in AUDNZD and S&P 500 Implications

Prepared by Jamie Saettele, CMT

NZDUSD – 15 Minute Bars

Short_Term_Trade_Setup_in_AUDNZD_and_SP_500_Implications_body_nzdusd.png, Short Term Trade Setup in AUDNZD and S&P 500 Implications

Prepared by Jamie Saettele, CMT

AUDNZD – Daily Bars

Short_Term_Trade_Setup_in_AUDNZD_and_SP_500_Implications_body_audnzd.png, Short Term Trade Setup in AUDNZD and S&P 500 Implications

Prepared by Jamie Saettele, CMT

SPX 500 – 60 Minute Bars

Short_Term_Trade_Setup_in_AUDNZD_and_SP_500_Implications_body_spx.png, Short Term Trade Setup in AUDNZD and S&P 500 Implications

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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