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FOREX Trading: AUDUSD Pressing against Recent Daily Highs at 10440  Join our daily free Newsletter

MENAFN - DailyFX - 13/11/2012

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Afternoon Technicals (all charts)

Other TA (crosses, COT, etc.)

FOREX Trading and Technical Analysis Observations

AUDJPY-formed a JS Spike on the weekly and once again failed to close the week above the 61.8% retracement of the decline from the March high. Last week was the 6th week since June that price traded above the Fibonacci level but failed to close above it. The level is clearly one of importance. Near term resistance is 8328. I’m short from 8271 with a stop at 8306. If stopped out, the 8330 area is one that the market may respond to.

AUDUSD-is pressing recent daily highs near 10440. Price has traded in a quiet range since last Wednesday’s reversal, which leaves me skeptical regarding the larger reversal potential. Exceeding 10480 would shift focus to 10550.

AUDNZD-has traded slightly lower from corrective channel resistance. I rarely trade the AUDNZD but I do like to look at it for clues regarding the AUDUSD. The AUDNZD rolling over from channel resistance maybe a sign that something bearish is in the works for AUD in general.

AUDJPY – Daily Bars

FOREX_Trading_AUDUSD_Pressing_against_Recent_Daily_Highs_at_10440___body_audjpy.png, FOREX Trading: AUDUSD Pressing against Recent Daily Highs at 10440

Prepared by Jamie Saettele, CMT

AUDUSD – Daily Bars

FOREX_Trading_AUDUSD_Pressing_against_Recent_Daily_Highs_at_10440___body_audusd.png, FOREX Trading: AUDUSD Pressing against Recent Daily Highs at 10440

Prepared by Jamie Saettele, CMT

AUDNZD – Daily Bars

FOREX_Trading_AUDUSD_Pressing_against_Recent_Daily_Highs_at_10440___body_audnzd.png, FOREX Trading: AUDUSD Pressing against Recent Daily Highs at 10440

Prepared by Jamie Saettele, CMT

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

Subscribe to Jamie Saettele's distribution list in order to receive actionable FX trading strategy delivered to your inbox once a day.

Jamie is the author of Sentiment in the Forex Market.


 






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