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Jamie's Pick: 03/17/11

Jamie's Pick: 03/17/11

2011-03-17 13:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The AUDUSD dropped as low as 9700 in yesterday’s post US panic decline. The 100% extension of the decline from the January high was 9749. The drop below 9803 signals a break to the downside for 2011. A sharp corrective rally could reach as high as 9943, which is former support. I favor selling rallies and the next downside objective is the December low at 9537.

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