EURUSD WEEKLY

Market Update 3/7 – EURUSD at an Important Trendline

ByJamie Saettele

EURUSD has cut through everything that I thought would provide support and price has now reached the line off of the 2017 and 2020 lows. If this doesn’t hold then I guess there is nothing until the March 2020 low at 1.0636. Near term (see below), price has responded to the lower parallel of the fork from the 2/10 high. The important test on the upside (if price bounces of course) is about 1.1060. Finally, daily RSI is below 23. Previous instances over the last 5 years are shown 2 charts down.

EURUSD WEEKLY

Market Update 3/3 – Emotional Markets into Long Term Trendlines

ByJamie Saettele

Consider today’s update the ‘long term trendline edition’. NFP is tomorrow and I’ve witnessed many turns from stretched markets over the years following an NFP spike. In this instance, that would be a spike towards USD strength (EURUSD weakness). Interestingly, EURUSD is closing in on a 22 year trendline! This is the same trendline that was support for the 2020 low. A close up is below…the trendline is about 1.1000/20. This is also the 78.6% retrace of the rally from the 2020 low.

AUDUSD DAILY

Market Update 3/2 – AUDUSD Median Line Trade Setup

ByJamie Saettele

AUDUSD broke above the median line today so longs are in play. The top side of the median line is proposed support now (formerly resistance) near .7265. This is also the year and month opening prices. One benefit to trading with median lines are tight stops. That’s especially useful in this instance given the proximity of the January high and 200 day average as possible resistance. Upside focus is .7370 followed by .7420s.

USDRUB DAILY

Market Update 2/22 – USDRUB Reverses…Time for a Risk Squeeze?

ByJamie Saettele

You may have heard that Russia is in the news. USDRUB reversed sharply lower today after tagging daily reversal resistance (daily high close from March 2020). This level was also resistance in November 2020 (U.S. election). The reversal lower today ‘fits’ with a coming squeeze in equities and a pullback in gold. I’m wondering if the USD also breaks down. The chart below shows USDRUB and DXY since the beginning of the year. Let’s see…

CADJPY 4 HOUR

Market Update 2/21 – Yen Crosses Lower?

ByJamie Saettele

CADJPY is nearing the bottom of the 2022 range. Weakness below the 1/24 low would leave a series of lower highs and lower lows since the January high although 2 legs down from that high is possible support at 89.12. The bigger level is the 161.8% extension, which intersects the lower parallel of the channel from the March 2020 low at 87.55. 90.40/60 is resistance. A zoomed out chart is below.