Quickly before US equities open...

The USDOLLAR has reversed Asian session losses. The 60 day (3 month) average has been support in the USDOLLAR for a month now. The EURUSD, in particular, is vulnerable after testing the bottom of its former base channel. 12245 is interim support.

There is divergence on a closing basis (240 minute) between AUDUSD and NZDUSD that has characterized tops in recent months.

In index markets, the S&P e-mini is nearing the 7/10 high at 1356.50. The level is reinforced by the 7/5 low at 1357 and I'm expecting a reaction. 1343 and 1336.75 become supports.

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

USDOLLAR_Tags_Important_Moving_Average_Before_Bernanke_body_all.png,

Prepared by Jamie Saettele, CMT

USDOLLAR - 240 Minute Bars

USDOLLAR_Tags_Important_Moving_Average_Before_Bernanke_body_usdollar.png,

Prepared by Jamie Saettele, CMT

EURUSD - 240 Minute Bars

USDOLLAR_Tags_Important_Moving_Average_Before_Bernanke_body_eurusd.png,

Prepared by Jamie Saettele, CMT

AUDUSD and NZDUSD - 240 Minute Closes

USDOLLAR_Tags_Important_Moving_Average_Before_Bernanke_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