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Jamie's Pick: 03/21/11

Jamie's Pick: 03/21/11

2011-03-21 14:43:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The AUDUSD drop to 9700 last week may have completed wave C of a large triangle (a bearish count does remain intact but I want to present this idea as well). The drop below 9803 signals a break to the downside for 2011 but the sharp nature of the recovery throws a wrench into the larger bearish bias. Resistance extends as high as 10150ish but price has already reached the 20 and 50 day averages and former lows from earlier this month. Even if a bullish triangle is underway from the November high, the next few weeks should result in an E wave decline. 9875 is support.

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