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FOREX Technical Analysis: GBPUSD Pops as AUDNZD Reverses

FOREX Technical Analysis: GBPUSD Pops as AUDNZD Reverses

Jamie Saettele, CMT, Sr. Technical Strategist

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FOREX Technical Analysis Observations

-EURUSD-near term resistance extends to 13055 and near term support to 12887. The daily trend is constructive as long as price is above 12800. There is little else to add at this juncture.

-GBPUSD-popped after GDP this morning. The advance presents an opportunity to sell against the early month high of 16228. One may be able to get a better entry than the current market with estimated resistance at 16157 and 16227.

-AUDUSD and NZDUSD – upside remains favored but beware of a dip after the US open. Supports for today are 10340/55 and 8210. Upside potential is NZDUSD is probably greater than upside potential in AUDUSD as per AUDNZD.

-AUDNZD-carved out a J Spike yesterday. The top was produces just above the 9/13 close, which was a JS Thrust (JST) day. I was stopped out at the high (which is annoying but a part of business). Resistance is now 12650 and focus is lower towards 12500. Interim support comes in at 12573.

GBPUSD – Daily Bars

FOREX_Technical_Analysis_GBPUSD_Pops_as_AUDNZD_Reverses_body_gbpusd.png, FOREX Technical Analysis: GBPUSD Pops as AUDNZD Reverses

Prepared by Jamie Saettele, CMT

AUDNZD – Daily Bars

FOREX_Technical_Analysis_GBPUSD_Pops_as_AUDNZD_Reverses_body_audnzd.png, FOREX Technical Analysis: GBPUSD Pops as AUDNZD Reverses

Prepared by Jamie Saettele, CMT

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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.