Market Forecast for 10-17-12

EURAUD: Is still heading up from our last buy, albeit slowly. Since the AUDUSD looks to be gaining some strength, this EURAUD cross rally may be in a corrective bounce. Lock in 70% profits and look for new updates. See Euro-Aussie daily chart below.

euro aussie daily chart with analysis for october 17, 2012

EURCAD: This market, like the USDCAD took off, but may be pausing here or a bit higher, for a potential pullback to between 1.2845 to 1.2785.

ACTION: Short-term traders MAY have a short opportunity here or after one more European session thrust. Else wait for a potential pullback into the areas mentioned above, for a potential buy setup. See 60-minute Euro-Cad chart below.

eurcad hourly chart

EURJPY: The buy breakout on the 4 hour chart from 10/12 has screamed upward in 5 waves. We hit resistance today, as seen from the daily upper band (in purple).

ACTION: Short-term traders: consider pealing off a bit here, perhaps 1/2, with stops at 102.51.

Long-term traders may want to hold for potential targets of 106.66 and 114.55 based on weekly charts.

BUY Pullbacks until 60 and/or 240 minute trends turn lower. See weekly and daily EURJPY charts below.

eurjpy weekly chart with forecast

eurjpy daily chart

EURUSD: The Euro is still long but it too has had 5 waves up, so we will expect some consolidation or retracement over the next session or two. Stops are at breakeven. See weekly, daily, and 240-minute charts for the Euro below.

euro weekly chart with complete analysis

eurusd daily chart

euro 4-hour chart

USDCAD: Rallied nicely off our buy signal. Stops are at break even point. Short-term traders should lock in 50% profits. See daily chart below.

dollar cad daily chart

ND: NASDAQ bottomed right on the Andres pitchfork lower support line and rallied exactly to our manually drawn forecast line, as suggested. From here or we will either see a rally into 10/25-29 or a selloff into 11/07. Today's action may let us know.

Should 1.2729 be broken on the downside, we would likely look to short it there. See NASDAQ daily chart below.

nasdaq nd daily chart for 10-17-12

OIL: Is currently short from 90.91 on a pattern breakout lower, but could stop and reverse to long at 92.82 should it break to the upside. See daily crude oil chart below.

crude oil daily chart

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