jsaettele

jsaettele

The drop under the 9/9 low completed a double top in NZDUSD. The measured level from the pattern is .6414, which is just above the 200 day average. Resistance should be .6600 although price might not bounce until taking out .6500. See scandex.com for more.

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USDCAD is nearing the measured objective of 1.3499. The trendline off of April and May highs is in line with the 7/30 high at 1.3460 so consider 1.3460-1.3500 a possible near term resistance zone. Support should be 1.3250 now. Visit scandex.com for more.

jsaettele

EURUSD turned down when it needed to and today’s drop completes the topping pattern that has been underway since late July. It’s not uncommon to get a slight bounce following a break of a larger pattern. If that happens here then 1.1780 should provide resistance. Downside focus remains 1.1450-1.1500 although the median line from the short term bearish fork...

jsaettele

The Dow completed the short term head and shoulders top so focus is on the measured objective at 25853 (then reassess). The bounce over the last 2 days should see resistance from the breakdown level near 27500. See scandex.com for more!

jsaettele

Kiwi broke below the trendline that originates at the 5/15 low. The underside of this line should provide resistance now near .6700. The next downside level of interest is the line off of the 6/30 and 8/20 lows near .6550 although .6370/80 looks like a magnet. This is the former 4th wave support shelf (6/15 low) and VWAP from the March low and 2020 VWAP (see...

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AUDUSD finally broke the channel from the June 15th low. The underside of the former channel support should now provide resistance near .7265. The next downside level of interest is the 6/10 high at .7064. This level intersects the channel extension line over the next few days. Visit scandex.com for more!

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No change to AUDUSD, which still needs to break below the lower parallel from the 3+ month channel in order to confirm a trend change. The lower parallel is still about .7250. As is the case with EURUSD, AUDUSD (futures…not shown here but see scandex.com for that chart) has also been trading around and is currently just below VWAP from the high. This reinforces...

jsaettele

The Dow is testing critical support from the June high. This level has been support since 8/20. A break below would complete a head and shoulders top that’s been forming since early June. The measured objective would be 25853. See more at scandex.com.

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EURJPY low today was on the 75 line of the short term bearish fork. As such, respect potential for strength into the 25 line (concept of symmetry), which has been a pivot throughout the month anyway. The 25 line is about 124.80, which is near the 200 hour average. See more at scandex.com

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USDCAD followed through on the 9/1 reversal and broke above the trendline from the March high today. Initial upside focus is the line off of highs in April and May, which intersects the 200 day average just above 1.3500. The top side of the broken trendline and 9/3 high at 1.3162 should provide support now.

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GBPUSD turned from the ‘massive’ level (1.3500) and has already wiped out August’s gains. Price could bounce from the 1.2940/80 zone (prior congestion and 50 day average). If it does then 1.3110/20 should provide resistance for weakness into 1.2814 (June high). The top side of the line off of the December 2019 and March 2020 highs near 1.2500 could be in play...

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AUDJPY rolled over just shy of the noted 6 year trendline. Price is testing a massive level now from former resistance and a short term channel. A break below would in effect leave a failed breakout. Failed moves lead to fast moves and I’d be looking for 72.50/80 at that point. If price bounces here then watch for 77.10 resistance.

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USDNOK reversed sharply last week from the line off of the 2016 and 2018 highs. This line was precise resistance AND support in 2019. The area around last week’s low has been a major horizontal level since 2016. I also like that the 200 week average is just under the low. General upside focus is 9.87-9.98. This is the former 4th wave high (5 waves down from...

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EURUSD is sitting just above the breakdown level described last week. If price bounces off of this level, then proposed resistance remains 1.1900/10. However, I’m also willing to go with weakness under 1.1780 now. Downside focus is on old highs near 1.1420 and 1.1500.

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QQQ tested the trendline from the 4/21 low and 200 hour average before bouncing on Friday. A break below this combination would signal an important behavior change. In that event, pay attention to the magenta trendline near 257 and then the February high at 237.47, which is in line with VWAP from the March low (not shown).

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SPX traded through the line off of the January 2018 and February 2020 highs today. Let’s see where we finish the week though. Extending the line back in time reveals a lot of important pivots around or right at the line…I call this an ‘angle influence’. The monthly chart shows that the line tags the 1932 and 1942 lows as well! I'm on alert for a change in...

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USDJPY tagged the center line of the channel from the 7/31 low today, which confirms the channel as ‘operable’. A break above the channel opens up the top of the channel, which intersects channel resistance from the March high at 107.80 (200 day average is 108.00). Proposed support is 105.90.

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The USD is drifting lower ahead of Jackson Hole, which is a possible ‘sell the news’ event or maybe Powell does not address additional Japanification measures and the USD can get out of its own way. Near term EURUSD levels have not changed. 1.1880 is still proposed resistance from the 8/21 high, 61.8% retrace, and 2 legs up from the 8/21 low. The lower parallel...