FXCM Expo Videos
Innovative Techniques with Traditional Technical Indicators
Trading with the Elliott Wave Principle
Seeing the Forest from the Trees: An Analysis of Global Markets
Afternoon Technicals (all charts)
Other TA (crosses, COT, etc.)
Morning Notes:
EURUSD – The correction may be complete as the rally from 13035 reversed following a 50% retracement of the decline from 13380. The turn also occurred at the 4/3 low and 20 day average. In other words, the recent top is well defended. A top that forms at a confluence of technical levels (rather than an arbitrary level) is more likely to remain in place.
Prepared by Jamie Saettele, CMT
GBPUSD – No change from yesterday – “The rally from the low has extended but treating strength as corrective is appropriate given the 5 wave decline from 16062. Currently testing the 61.8% retracement of the decline price should turn lower now if the larger trend did indeed reverse last week (don’t forget that a WEEKLY key reversal formed last week).”
Prepared by Jamie Saettele, CMT
AUDUSD – The April high at 10464 is the line in the sand for AUDUSD bears. Exceeding that level would shift focus to 10510 and 10595 (former supports). As long as price is below 10464, the trend is considered down and focus remains on the year to date low at 10145. Resistance is bolstered at the yesterday’s high by the underside of former trendline support, channel resistance, 20 day average, and 200 day average.
Prepared by Jamie Saettele, CMT
NZDUSD – Volatility has contracted to the point that price closed above its 2nd standard deviation band (20 day) yesterday. This is worth noting because the initial break of a tight range is often a false break (this was noted with the USDJPY back in December and January). The pop above 8287 may have completed the advance from 8060.
Prepared by Jamie Saettele, CMT
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele
To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to jsaettele@dailyfx.com
Jamie is the author of Sentiment in the Forex Market.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.