Quick Market Update – 10-12-12

Market Summary: We caught nice moves in stocks to the downside and a 3-day short in the Euro. Expect the USD to continue to lose ground early today, with a pop in the Euro. Look for weakness in the YEN crosses.

The EURAUD may provide a quick long play as well.

EURJPY is getting a pattern buy signal. See daily chart below for breakout entries and profit targets.

eurjpy daily chart with analysis

ND-NASDAQ is on the lower Andrews Pitchfork support line. From here, you can buy on a breakout for a potential quick retracement pop up. If it happens to breaks below Thursday's low, stop and reverse to short, as the price targets are far below that (see daily ND chart below).

nasdaq nd daily chart

Good luck with your trading.

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