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Forex News / Dollar Finds Support but Rally May Be Short Lived |
30.06.2009Dollar Finds Support but Rally May Be Short LivedForex News / Euro / US Dollar  Trading up above 1.4140 shifts odds in favor of the bullish count up in which the decline from 1.4340 is an A-B-C betterment that desire be fully retraced. Under this count, the gathering from 1.3750 is swell 5 of an ending diagonal from 1.2454. The gathering from 1.3750 itself is unfolding as a diagonal and charge ought to remain up above 1.3887 in organizing to keep possession of this count up valid. The bearish count up is not completely eliminated as no rules be obsessed been fragmented (see the alternate numbering) but its prospects are damaged stated the period captivated up close by what would be swell ii. From a trading perspective, ST may desire to little here, targeting back up at 1.3900. British Pound / US Dollar  I wrote yesterday that “although evidence favors a summit and reversal, the GBPUSD has as yet to approve as much. An alternate, in which Cable desire commerce higher in a 5th swell closing thrust, is gaining more credibility each disappearing day.” The gathering from 1.6231 is in 3 waves but could be swell i of an ending diagonal in the swell v position. Staying up above there keeps the tendency needle-shaped up and there possible back up at 1.6430. Australian Dollar / US Dollar  The AUDUSD decline from .8269 is corrective in property consequently odds favor a gathering because of that even former to a summit and reversal. The gathering because of .8124 favors bulls and the tendency is bullish as extensive as charge is up above .7925. New Zealand Dollar / US Dollar  My centre remains on the longer name structure, especially the gathering from .4890, which is a textbook zigzag. Waves A and C are identical (and charge reversed at the 50% retracement of the decline from .8219), which is common. However, the uneasy attitude remains here since the late decline is more corrective than impulsive. US Dollar / Japanese Yen  The triangle continues to amuse oneself exterior but there is an alternate bearish count up in which the globule from 101.50 is a series of 1st and 2nd waves. 93.50 defines the tendency (above is bullish and drop down is bearish). Watch representing possible opposition at 97.20 (6/19 high). US Dollar / Canadian Dollar  This is a possible little name count up representing the USDCAD. The implications are bullish above the next some months (and beyond) but bearish above the next some weeks. Under this count, a 5th swell would complete the gathering from 1.0782 and current manner to a multi week and potentially broad betterment of the gathering from 1.0782. Watch representing opposition at 1.1820. US Dollar / Swiss Franc  The USDCHF little name model is the clearest of all the USD crosses. As mentioned in late days, the gathering from 1.0589 is a 3 swell betterment that should be fully retraced. Confirming that the larger tendency is quiet down is the 5 swell decline from 1.1026. Expect power to 1.0930 or so (former 4th swell and Fibonacci) before the next limb down begins. Jamie Saettele publishes Daily Technicals every weekday morning (930 am EST), COT analysis (published Monday mornings), complex analysis of currency crosses during the week (EUR on Tuesday, JPY on Wednesday, GBP on Thursday, AUD on Friday), and the DFX Trend Index every daytime after the NY close. He is also the originator of Sentiment in the Forex Market. Please send comments circular this account to jsaettele@dailyfx.com Forex News | Forex Market News | FX Center |
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