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EURUSD Resistance Formation and AUDNZD Top

EURUSD Resistance Formation and AUDNZD Top

2012-10-22 13:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

-EURUSD-is holding 13014 support but resistance has also formed at 13055/85. There are multiple wave counts at the current juncture which increases risk for those involved. A print above 13139 could complete the rally from 12824. A drop below 12990 would suggest that the EURUSD is headed towards the early October lows. I exited longs from last week this morning (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.” The AUDCHF is stabilizing below 9558 although I’ve yet to increase exposure given the slow market. Exceeding 9661 would set sights on 9784/98.

-AUDUSD and NZDUSD – remain constructive against 10270 and 8108. I am bullish (longs were taken last week 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. I went short last night 12643.

EURUSD – 60 Minute Bars

EURUSD_Resistance_Formation_and_AUDNZD_Top_body_eurusd.png, EURUSD Resistance Formation and AUDNZD Top

Prepared by Jamie Saettele, CMT

NZDUSD – 60 Minute Bars

EURUSD_Resistance_Formation_and_AUDNZD_Top_body_nzdusd.png, EURUSD Resistance Formation and AUDNZD Top

Prepared by Jamie Saettele, CMT

AUDNZD – 60 Minute Bars

EURUSD_Resistance_Formation_and_AUDNZD_Top_body_audnzd.png, EURUSD Resistance Formation and AUDNZD Top

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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