How I am Trading USD/CHF, GBP/USD, AUD/USD and NZD/USD
By Jamie Saettele, CMT, Sr. Technical Strategist
12 May 2013 19:58 GMT
Indications are that the USD breakout is real. I'll be net long USD until further notice but position size will vary as the USD trades into resistance (less long USD) and into support (more long USD). Many that are correct about bigger picture direction will still lose money or not make as much as they should because their timing will be poor. The next few days may produce some sideways/corrective USD action...the GBPUSD is at channel support and the 13 week midpoint...the AUDUSD traded into the 6/25 low...the NZDUSD is at the trendline that extends off of the 2012 and 2013 lows and the downward sloping channel that defines the decline from the April high....the USDCHF traded into the 61.8% retracement of the decline from the 2012 high.
The following are levels that I'm looking to be more long USD (these are not orders...rather levels to watch for reactions).
USDCHF .9500
GBPUSD 1.5400
AUDUSD 1.0060/90
NZDUSD .8350/80
The following are levels that I'm looking to be less long USD (these are orders).
USDCHF .9745
GBPUSD 1.5200
AUDUSD .9700
NZDUSD .8055
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