FOREX Technical Analysis: British Pound Slips in Early Week Trading
Afternoon Technicals (all charts)
FOREX Trading and Technical Analysis Observations
EUR/USD-As focused in FX Technical Weekly, the EUR/USD decline from Thursday’s high (12801) is impulsive which suggests that the larger downtrend has resumed. I am short as of this morning (from 12770, released via Twitter @JamieSaettele) with a 12805 stop. Exceeding 12801 would shift focus to former supports at 12824 and 12882.
AUD/USD-is nearing resistance from the 61.8% retracement of the decline from 10480 at 10406. I’m on the lookout for a top and reversal but understand that RBA minutes are due tonight. Exceeding 10480 would shift focus to 10550 (again).
USD/JPY-is showing signs (JS Spike bars on multiple time frames) of topping. The rally from 9/13 may be complete in 5 waves. Wave 5, from the 11/9 low, is also in 5 waves. Considering the 61.8% retracement of the decline from March at 8148, risk is to the downside.
AUD/JPY-is approaching a potentially HUGE pivot near 8500.
EUR/USD – 60 Minute Bars
Prepared by Jamie Saettele, CMT
USD/JPY – Daily Bars
Prepared by Jamie Saettele, CMT
AUD/USD – Daily Bars
Prepared by Jamie Saettele, CMT
AUD/JPY – Weekly Candles
Prepared by Jamie Saettele, CMT
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 Forex Market.
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