EURUSD Gaps Lower and AUDUSD Trades to 2012 Low

By Roger Baettig | May 07 2012 10:37 AM

Those that panicked and bought USD on the Sunday open are feeling the pain as markets have completed retraced the Sunday open move. The retracement presents an opportunity to play the larger break.

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Prepared by Jamie Saettele, CMT

Crude has been leading the latest 'risk off' wave. Near term focus is on the December low and resistance is 9865.

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Prepared by Jamie Saettele, CMT

The EURUSD gap lower Sunday night leaves 13080-13120 as resistance. Shorts are warranted into there with a stop above 13180. 12880 is an objective.

EURUSD_Gaps_Lower_and_AUDUSD_Trades_to_2012_Low_body_audusd.png,

The AUDUSD traded to a new 2012 low last night, slipping below the 1/9/12 low of 10145. Focus is on the 12/29/11 low at 10044 and confluence of the 100% extension of the decline from 10856 and 12/15/11 low at 9843/61. The level intersects channel support in early June. The bounce from last night's low has reached resistance from 10200. Former lows at 10225 and 10245 are also resistance. Shorts are favored against 10280.

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