Potential Near Term Path in Euro and Aussie

 
on September 26 2012 10:02 AM

EURUSD 12740/50 and AUDUSD 10260/75 are of particular interest in the near term, not only as magnets that attract price but also as levels to expect a market response (bounce in this case).

12740/50 is the 38.2% retracement of the rally from the June low, June high (12747) and 9/10 & 9/11 lows (12754). I am looking lower against 12970.

AUDUSD 10260/75 is the trendline support today (10280), 9/7 low, and 100% extension of the decline from the top. Short term downward sloping channel support intersects the level tomorrow. I am looking lower against 10462.

EURUSD – 240 Minute Bars

Potential_Near_Term_Path_in_Euro_and_Aussie_body_eurusd.png, Potential Near Term Path in Euro and Aussie

Prepared by Jamie Saettele, CMT

AUDUSD – Daily Bars

Potential_Near_Term_Path_in_Euro_and_Aussie_body_audusd.png, Potential Near Term Path in Euro and Aussie

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.

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