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Seeing the Forest from the Trees: An Analysis of Global Markets
Afternoon Technicals (all charts)
Continue to look higher in the EURUSD this week towards the 38.2% retracement of wave 3, which comes in at 12554. The former 4th wave of one less degree is also of interest at 12746. 12320/40 is early week support.
The AUDUSD is pressing against an upward sloping trendline and 78.6% retracement of the decline from 10855. The trendline that extends off of the 2011 and 2012 highs comes in just shy of 10700 this week. A top is expected. One may wish to look at EURAUD in order to play AUD weakness as well.
EURUSD – Daily Bars
Prepared by Jamie Saettele, CMT
AUDUSD – Daily Bars
Prepared by Jamie Saettele, CMT
To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele
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Jamie is the author of Sentiment in the Forex Market.
Meet the DailyFX team in Las Vegas at the annual FXCM Traders Expo, November 2-4, 2012 at the Rio All Suite Hotel & Casino. For additional information regarding the schedule, workshops and accommodations, visit the FXCM Trading Expo website.
