As a follow up to last Thursday's negative signal in the AUDUSD and USDCHF MKTs.
USDCHF for July 13, 2009
The USDCHF did not follow through and produced a positive corrective signal on Friday. Today the question is the USDCHF going to return to to its negative signal or is the MKT going to transition back into a firm posture.
Key off the 10819 Inflection Pivot for the answer.
A held trade above 10819 keeps the MKT firm up to the 10943 resistance pivot. If the rally is going to stall it will here. A breach and the USDCHF transitions into a more aggressive positive posture putting the 11160 target in play.
A break under 10819 and the USDCHF is vulnerable to a negative turn pressing support at 10695 and 10602. Although trading at these levels is negative reactions are expected. 10371 is the lower target for any unwinding.
AUDUSD for July 13, 2009
The AUDUSD remains in a vulnerable state and aggressively offered below the 7836 Inflection Pivot.
Expectations are for the MKT to test the 7704 support with all trading below 7836. If the MKT is going to stabilize it will here. If not the pressure has the potential to accelerate down to 7473.
A rise above 7836 puts Thursday's negative signal in question up to 7902. Only above here is the signal negated and the MKT back in a difficult digestive pattern.
JS
This post supports JS Services Strategy Based Trading approach. For more information please contact me at info@jsservices.com. You can also visit http://www.jsservices.com/.The Inflection Pivot levels are available as a chart overlay on the following platforms; Ninja trader, Strategy Runner and eSignal. Sign up for a Complimentary Trial.
