Today's price action is confirming the wave iii of 5 interpretation in EURUSD. Focus is lower towards the June low of 12287 and the June 2010 low at 12150 (161.8% extension of decline from June high is at 12141 as well). To be sure, a relief rally may materialize from nearby levels, which is defined by a short term channel (downward sloping) and 100% extension of the decline from the June high (12350). 12420/50 is now resistance. Risk on shorts can be moved down to 12500 (from 12630).

On the pure risk front, a key reversal (see Innovative Techniques video above for more) on the 240 minute bar this morning and volume (CME) consistent with turns suggest that the AUDUSD may have put in its high.

THE MARKET(S) a.k.a. RISK SNAPSHOT - 60 Minute Closes

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Prepared by Jamie Saettele, CMT

EURUSD - Weekly Bars

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Prepared by Jamie Saettele, CMT

EURUSD - Daily Bars

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Prepared by Jamie Saettele, CMT

Australian Dollar Futures (CME) - 240 Minute Bars

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Prepared by Jamie Saettele, CMT

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