Holiday Lull Sets in but Crude Nears Well-Defined Resistance

By Roger Baettig | July 03 2012 10:16 AM

The Independence Day lull seems to have set in and may very well persist throughout the week. Crude oil is of interest as it nears potential resistance from a recent pivot and parallel channel.

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Think back to early June. Bulls capitulated after the awful NFP release on June 1 and the USD hasn't traded higher since! The current situation is the exact opposite.

The EURUSD (and USDCHF as the inverse) are still the cleanest short term patterns while the AUDUSD and NZDUSD continue to press against well-defined technical levels. Continue to follow the 1995/96 USD analog.

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

Holiday_Lull_Sets_in_but_Crude_Nears_Well-Defined_Resistance_body_all.png,

Prepared by Jamie Saettele, CMT

EURUSD - 60 Minute Bars

Holiday_Lull_Sets_in_but_Crude_Nears_Well-Defined_Resistance_body_eurusd.png,

Prepared by Jamie Saettele, CMT

Crude Oil - Daily Bars

Holiday_Lull_Sets_in_but_Crude_Nears_Well-Defined_Resistance_body_crude.png,

Prepared by Jamie Saettele, CMT

NZDUSD - Daily Bars

Holiday_Lull_Sets_in_but_Crude_Nears_Well-Defined_Resistance_body_nzdusd.png,

Prepared by Jamie Saettele, CMT

AUDUSD - Daily Bars

Holiday_Lull_Sets_in_but_Crude_Nears_Well-Defined_Resistance_body_audusd.png,

Prepared by Jamie Saettele, CMT

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

To be added to Jamie's e-mail distribution list, send an e-mail with subject line Distribution List to jsaettele@dailyfx.com

Jamie is the author of Sentiment in the Forex Market.

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