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Trade Update

Trade Update

2010-05-26 14:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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I wrote yesterday that “the latest drop (to a new low) may complete a small 5th wave. Consolidation in a 4th wave could result in the pair trading back to 8300 over the next several days. Bottom line – the trend is down and corrections should be sold.” The AUDUSD is already back to 8300. 8440 is potentially strong resistance. This is the 38.2 retracement of the decline from 9084 and the 100 extension of the latest advance. The level is reinforced by channel resistance as well. Watch the Forex Stream for trade ideas.

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