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ECB leaves all rates unchanged in line with expectations

Australian Dollar Setups Across the Board

Australian Dollar Setups Across the Board

2011-07-19 22:42:00
Jamie Saettele, CMT, Sr. Technical Strategist

The EURUSD continues to hold its own and the break above Monday’s high offers an opportunity to trade long with a stop below 14013 (Monday’s low). A bullish objective this week is the 100% extension of the rally from 13837-14282 at 14458. This level intersects with trendline resistance on Thursday.

The strong AUDUSD foreshadows a break above 10790 and eventual break above 11011. Support should come in at 10690 and 10650. Multiple Aussie crosses are at trendline support as well (AUDCAD, AUDNZD, AUDCHF), which increases confidence in a bullish AUDUSD bias. My favorite Aussie idea (aside from AUDUSD) is long AUDCHF on a dip into 8720. Interim support is at 8790.

The Dow rally today was its largest (% gain) since December 1. Await the resolution of the triangle. Price is in the middle of its range. Markets exhibit their most unpredictable behavior when in the center of a pattern (in this case a triangle?)

The 30 yr Bond range was the largest since March 17th – that was the date of a high. The entire rally in treasuries occurred during Obama’s press conference – which is suspicious (unsustainable?). Remember, bonds and Yen typically trade together (thus yields and USDJPY trade together).

Key Daily Reversals – none

Largest Daily Range in 10 days – GBPCHF

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