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EURUSD Friday Dip Buying for Test of the Highs

EURUSD Friday Dip Buying for Test of the Highs

2012-10-19 13:04:00
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

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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

-EURUSD-has slowly dropped into former 4th wave support. 13014 is additional support if needed and near term bullish risk is 12990. A print above 13139 could complete the rally from 12824. Longs were taken this morning at 13040 (released via Twitter @JamieSaettele).

-AUDCHF-intraday action remains constructive and I’m looking to increase long exposure below 9558 (previously 9540). I am long and risk has been moved up from 9435 to 9489.

-EURJPY-is similar to the EURUSD in that the drop from the top is probably a small 4th wave. The implications are for a print above 10414 before a sharp reversal. 10450/80 (April low and Fibonacci) is resistance.

-AUDUSD and NZDUSD – remain constructive against 10270 and 8108. I am bullish (longs were taken last night in NZDUSD at 8197).

-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”. It’s possible of course that a top is in place at 12673. Friday action is usually lacking in this pair with the Pacific markets the first to close for the week…I’ll wait till Sunday.

EURUSD – 60 Minute Bars

EURUSD_Friday_Dip_Buying_for_Test_of_the_Highs_body_eurusd.png, EURUSD Friday Dip Buying for Test of the Highs

Prepared by Jamie Saettele, CMT

AUDCHF – 60 Minute Bars

EURUSD_Friday_Dip_Buying_for_Test_of_the_Highs_body_audchf.png, EURUSD Friday Dip Buying for Test of the Highs

Prepared by Jamie Saettele, CMT

EURJPY – 60 Minute Bars

EURUSD_Friday_Dip_Buying_for_Test_of_the_Highs_body_eurjpy.png, EURUSD Friday Dip Buying for Test of the Highs

Prepared by Jamie Saettele, CMT

AUDNZD – 240 Minute Bars

EURUSD_Friday_Dip_Buying_for_Test_of_the_Highs_body_audnzd.png, EURUSD Friday Dip Buying for Test of the Highs

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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