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The Biggest EURUSD Resistance Test of the Year

The Biggest EURUSD Resistance Test of the Year

Jamie Saettele, CMT, Sr. Technical Strategist
  • EURUSD major resistance test
  • USDJPY risk is lower after 120 rejection
  • NZDUSD bearish wedge is possible

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EUR/USD

Daily

The Biggest EURUSD Resistance Test of the Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-“EURUSD rolled over at slope resistance but several longer term technical observations are worthy of note; the rate found low at an important long term level (line off of 2008 and 2010 lows) and the ownership profile (as per COT) is at a record. The speculative crowd has never been more bearish…ever. Such conditions typically precede important reversals…although not necessarily right away. A break above the resistance lines (old support) would indicate that behavior has significantly changed and open up a run on 1.13.” It is decision time traders.

GBP/USD

Weekly

The Biggest EURUSD Resistance Test of the Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-“The sharp turn higher (and pending weekly reversal) is promising for longer term bottoming prospects, especially in light of the mentioned divergence and 2 large range weekly reversals in the last 5 weeks.” Focus is now on the sliding parallel (lower red line) just shy of 1.55 over the next several weeks.

AUD/USD

Weekly

The Biggest EURUSD Resistance Test of the Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-“AUDUSD continues to trade between well-defined slope lines but beware of a possible broadening bottom (very difficult pattern to trade).”

-“Trade outside of the bearish upper parallel that has contained strength since late October would shift focus to a former support line (turned resistance in January) near .8180.” AUDUSD is outside of the mentioned upper parallel. The behavior change indicates potential for a bullish outcome.

NZD/USD

Weekly

The Biggest EURUSD Resistance Test of the Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-“NZDUSD traded to the 61.8% retracement of its 3 year range today (.7929) and the next level of interest probably isn’t until the 2013 Labor Day gap at .7722. One can’t help but notice that an epic double top is possible with a target of .5898. That would trigger on a drop below .7370.”

-“The NZDUSD double top has failed to this point but slope resistance comes into play more or less at the current level and near .7800.” Also, a wedge may be underway from the February low. The bearish pattern would complete on a break below the support line from that pattern.

USD/JPY

Weekly

The Biggest EURUSD Resistance Test of the Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-“Continue to favor a broad range as 119.80-120.70 as resistance and 116.40-117.10 as support. A move through either one of these zones would define target zones of 124-128 and 110-114.”

-“Near term, watch for resistance now near 120.08. The next support on a break would be the median line just above 117.” The high this past week was 120.09. Risk is lower as long as USDJPY is below that price.

USD/CAD

Weekly

The Biggest EURUSD Resistance Test of the Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-“The breakdown from a 2 and a half month topping pattern could ‘kick-off’ a much larger decline but near term focus is on early congestion from 1.1931 to 1.2046. There is slope support (former resistance) at the latter level next week. Of note is record FXCM volume this week. Volume of this magnitude can indicate near term capitulation. 1.23 is an important trading pivot.” USDCAD made high at 1.2305 this week, which keeps the rate pressured lower towards mentioned levels.

USD/CHF

Weekly

The Biggest EURUSD Resistance Test of the Year

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader

-“USDCHF has reversed from 9 year trendline resistance. Focus is on the median line (about .9300) that extends off of the 2012 high. This line crosses through highs in 2013 and the October 2014 low. The 52 week MA is near this line as well.” This video explains more.

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

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