Jamie's Pick: 03/09/11
My trades haven't changed in a while as the market has remained stagnant.
Weakness from the recent high puts 9967 in play and a drop below there would reinforce confidence in the bearish bias. Price is right at its 20 and 50 day averages, which is indicative of the sideways trade that has persisted for the last several months. “With a potentially completed Elliott wave pattern (5 waves) from the 2008 low (6000), the risk of a sharp reversal and decline does remain. Do not dismiss the fact that the high for the entire year remains the 1st trading day of the year. A move above 10256 would shift focus higher following a bullish triangle break towards 10500 or even 11000. The range has tightened and the AUDUSD should reveal its hand soon.”
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.