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Jamie's Pick: 02/14/11

Jamie's Pick: 02/14/11

2011-02-14 15:53:00
Jamie Saettele, CMT, Sr. Technical Strategist
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I maintain a bullish US dollar stance.

EURUSD - I wrote Friday that “a drop below 13507 would shift focus to the 100% extension at 13429.” The corrective channel is also serving as support. A drop below the 100% level and corrective channel is needed in order to indicate that a 3rd wave is underway towards the 161.8% level at 13234. 13570-13610 is now resistance.

USDJPY - The move above 8321 and strong trendline break (not to mention breaks above the 20 and 50 day averages) makes it likely that the ultimate break will be to the upside (above 8450). 8300 is potentials short term support and 8398 is a near term bullish objective (161.8% extension of 8110-8247 advance). A move to there might complete a 3rd wave up from 8177.

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