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AUD/USD technicals: Long term outlook still undecided

audusdwklyIt can be beneficial to take a step backwards and look at the overall picture. The weekly chart shows some strong resistance at .9400 and a more recent bullish trendline coming in around .8800. I’d expect these parameters to hold for the next few weeks and playing as close to the edges as possible seems like a sensible strategy.

By Sean Lee  || September 1, 2010 at 21:42 GMT
Category: All, Asia, Techs || Tags: , || 0 comments || Add comment
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AUD/JPY technicals: Still in wedge consolidation pattern

audjpydailyAUD/JPY is 1.5% higher on the day but a quick look at the daily chart shows us that this pair is still roughly in the middle of a consolidative wedge pattern with parameters at 73.50 and 78.50. Having stalled at a major 61.8% level at 88.00 and then initiated a downtrend, this wedge pattern is expected to break lower rather than higher over the next few weeks. The bearish long term MAs would also suggest more downside.

By Sean Lee  || September 1, 2010 at 03:11 GMT
Category: All, Asia, Techs || Tags: , || 3 comments || Add comment
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EUR/JPY consolidating above 107.30

The previous low at 107.30 had the potential to act as a strong resistance level but that has now been negated by the solid consolidation above there.

Next major technical resistance in EUR/JPY is 109.00, which is also a previous low and the 38.2% retracement of 114.70/105.50.

By Sean Lee  || August 26, 2010 at 03:23 GMT
Category: All, Asia, Techs || Tags: , || 1 comment || Add comment
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AUD/JPY technicals: Bearish but not broken down yet

audjpydailyThe bottom of the consolidative wedge pattern comes in around 73.40 and a clean break below there, and especially below 72.60, will confirm that the downtrend is back in control. Shorts definitely preferred on a medium term basis but I prefer to wait for the break lower or else sell rallies.

By Sean Lee  || August 24, 2010 at 21:38 GMT
Category: All, Asia, Techs || Tags: , || 15 comments || Add comment
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AUD/JPY testing hourly support

AUD/JPY is currently testing hourly support at 75.40. The next level below here is a daily low at 74.60.

By Sean Lee  || August 24, 2010 at 01:39 GMT
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AUD/JPY to be the focus on Tokyo open

audjpydailyJapanese investors tend to be long AUD/JPY and the question now is whether the hung parliament here in Australia is likely to frighten them out of their carry-trades. As can be seen on the attached daily chart, the pair is in a medium term consolidation between 73.25/78.75 and we are close to the middle of this range at the moment.

By Sean Lee  || August 22, 2010 at 20:25 GMT
Category: All, Asia, Techs || Tags: , || 8 comments || Add comment
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Major levels to watch in EUR/USD and Cable

  • EUR/USD has significant technical support at 1.2735 and I suspect that there will be a lot of stop-loss sell orders parked just below there
  • Cable has seen a lot of buying by Sovereign names around the 200-day MA which is at 1.5481 today. Once again we can expect to see lots of stop-loss sell orders below this level.
By Sean Lee  || August 20, 2010 at 08:43 GMT
Category: All, Europe, Techs, orders || Tags: , , || 5 comments || Add comment
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EUR/GBP technicals: Double-top on hourly chart suggests more downside

eurgbphrlyI’m sure lots of you have been watching the EUR/GBP hourly chart which topped out twice at .8282 and has now turned lower. The neckline is at .8247 which has been the high today. Selling rallies for a re-test of .8165 looks like a sensible short-term strategy.

By Sean Lee  || August 19, 2010 at 08:46 GMT
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EUR/USD: Technical support holds beautifully

The technical support levels I outlined earlier this morning at 1.2735/40 held beautifully and buying dips will now be the technicians trade of choice. At least you know where to put the stop!

By Sean Lee  || August 16, 2010 at 07:12 GMT
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EUR/USD: Technical support levels around 1.2735/40

  • The trendline drawn from 1.1875 through 1.2150 comes in around 1.2740
  • The 50% retracement of 1.2150/1.3330 is at 1.2740
  • The daily low from July 21st is at 1.2735
By Sean Lee  || August 12, 2010 at 10:24 GMT
Category: All, Europe, Techs || Tags: , || 6 comments || Add comment
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