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FOREX Trading: GBP/USD at 4 Year Trendline, AUD/USD Breaks Support Line

FOREX Trading: GBP/USD at 4 Year Trendline, AUD/USD Breaks Support Line

2013-01-28 14:06:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

FOREX Trading and Technical Analysis Observations

Keep an eye on the EURJPY as price approaches 12332. Price may need to trade through that level prior to a meaningful drop. A near term measured level is 12436.

The EURUSD is consolidating following last week’s break through 13403. 13490-13550 is a good area for price to consolidate within a larger bull move. The bottom of the range is defined by the 2012 high and 50% retracement of the decline from the 2011 high. 13550 is the measured level from the most recent consolidation.

The GBPUSD has reached long term trendline support. A bounce from the line should encounter resistance at 15810/30. 15830 is former support and a level to sell strength for a larger breakdown through long term trendline support.

The AUDUSD has broken the trendline that extends off of the October and December lows. More importantly, price has traded below the January 2nd low (although it should be noted that the low is in question since FX is an OTC market). The December low at 10344 should be used as the ‘real’ breakdown level.

The NZDUSD is the big loser today, also having broken trendline support (December and January lows). The 61.8% retracement of the rally from 8155, is potential support at 8271 and 8323 (former support) is now resistance.

EURJPY – Daily

FOREX_Trading_GBPUSD_at_4_Year_Trendline_AUDUSD_Cracks_2013_Low__body_eurjpy.png, FOREX Trading: GBP/USD at 4 Year Trendline, AUD/USD Breaks Support Line

Prepared by Jamie Saettele, CMT

EURUSD –Daily

FOREX_Trading_GBPUSD_at_4_Year_Trendline_AUDUSD_Cracks_2013_Low__body_eurusd.png, FOREX Trading: GBP/USD at 4 Year Trendline, AUD/USD Breaks Support Line

Prepared by Jamie Saettele, CMT

GBPUSD –Weekly

FOREX_Trading_GBPUSD_at_4_Year_Trendline_AUDUSD_Cracks_2013_Low__body_gbpusd.png, FOREX Trading: GBP/USD at 4 Year Trendline, AUD/USD Breaks Support Line

Prepared by Jamie Saettele, CMT

AUDUSD –Daily

FOREX_Trading_GBPUSD_at_4_Year_Trendline_AUDUSD_Cracks_2013_Low__body_audusd.png, FOREX Trading: GBP/USD at 4 Year Trendline, AUD/USD Breaks Support Line

Prepared by Jamie Saettele, CMT

NZDUSD –Daily

FOREX_Trading_GBPUSD_at_4_Year_Trendline_AUDUSD_Cracks_2013_Low__body_nzdusd.png, FOREX Trading: GBP/USD at 4 Year Trendline, AUD/USD Breaks Support Line

Prepared by Jamie Saettele, CMT

--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter for real time updates @JamieSaettele

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Jamie is the author of Sentiment in the ForexMarket.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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