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Afternoon Technicals (all charts)
April was choppy and difficult to navigate. May ideally ushers in better conditions. Continue to watch the Yen crosses, as many are near/at their 50% retracements from the February lows. The EUR, CAD, AUD, and USD are heavy on event risk this week.
Prepared by Jamie Saettele, CMT
EURCAD – Action for all of 2012 may compose a triangle. If so, then an objective is 12566 (13176 – triangle width (13479-12869)). 13040/70 is near term resistance.
Prepared by Jamie Saettele, CMT
USDCAD – The USDCAD has broken its multi month range. A bearish objective is found by subtracting the width of the range (210 pips) from the breakout level (9842). 9630 then is the objective. To be sure, the current low volatility environment isn’t conducive to breakouts but resistance is 9840, 9870, and 9890. Bears are favored against 9980.
EURUSD – Is ‘stuck’ in a low volatility environment. Resistance is still defined by lows from late March / early April from 13250/75 and trendline resistance near the upper end of that range. Recent lows are now support at 13156 and 13103.
Written By By Jamie Saettele, CMT, Sr. Technical Strategist for DailyFX
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