Jamie's Pick: 02/23/11
I still like the AUDUSD to the short side, in anticipation of a break below 9800. The downside is favored as long as price is below 10057.
"With a potentially completed Elliott wave pattern (5 waves) from the 2008 low (6000), the risk of a sharp reversal and decline does remain. However, bears need a break below 9803 in order to confirm such a reversal and a move above 10256 would shift focus higher following a bullish triangle break towards 10500 or even 11000. Near term, weakness is unfolding in an impulsive manner which keeps me looking lower. Near term, resistance extends to 10075."
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.