>> Do not hunt weakness of the Dollar melted it

Technical Strategist 12 April 2012 13: 12 GMT  FXCM Expo Videos

Innovative Techniques with Traditional Technical Indicators

Trading with the Elliott Wave Principle

Seeing the Forest from the Trees: An Analysis of Global Markets

Afternoon Technicals (all charts)

Other TA (crosses, TOC, etc.)

Morning Notes:

EURUSD - The rally has extended in time but not much in price. Price has spiked slightly above the form 4th wave extreme (13163) and tested the underside of former trendline support as well (see 2nd chart). A turn lower is expected.

GBPUSD - The rally from the low has extended purpose treating strength as corrective is appropriate given the 5 wave decline from 16062. Currently testing the 61.8% tracing of the decline should turn now if the larger trend did indeed lower price reverse last week (don't forget that a key WEEKLY reversal formed last week).

AUDUSD - The April high at 10464 is the line in the sand for AUDUSD bears. Exceeding that level would shift focus to 10510 and 10595 (former media). As long as price is below there, the trend is considered down and focus remains on the year to date low at 10145. Resistance is bolstered at the current level by the underside of form trendline support, channel resistance, 20 day average, and 200 day average.