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Jamie's Pick: 02/23/11

Jamie's Pick: 02/23/11

2011-02-23 16:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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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."

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