Press Release: End of Week Trade Setups in US Dollar Crosses

The deeper setbacks in the EURUSD and AUDUSD are tempting but the NZDUSD is the cleanest of the setups.

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The deeper setbacks in the EURUSD and AUDUSD are tempting but the NZDUSD is the cleanest of the setups. The EURUSD decline stalled just shy of 12900 today. The decline would consist of 2 equal legs from the top at 12896 but the 9/12 high intersects today’s low. The AUDUSD decline would consist of 2 equal legs from the top at 10280 and the drop has yet to reach corrective channel support. Risk on longs in AUDUSD should be kept to today’s low given the extension potential on a drop to a new low (today’s low is an intraday pivot high from 9/10). The NZDUSD is the best setup as the decline channels in a corrective manner and today’s low intersects with the August high.

EURUSD – 240 Minute Bars

Prepared by Jamie Saettele, CMT

AUDUSD – 240 Minute Bars

Prepared by Jamie Saettele, CMT

NZDUSD – 240 Minute Bars

Prepared by Jamie Saettele, CMT

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Jamie is the author of Sentiment in the Forex Market.

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This article was provided by DailyFX.com.