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Jamie's Pick: 03/29/11

Jamie's Pick: 03/29/11

2011-03-29 15:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The NZDUSD has met resistance from the 61.8% retracement of the decline from 7824 and 2/28 high. I maintain that the larger trend is down but the next several weeks should present trade opportunities from both sides. Near term, the rally from 7114 is in 5 waves (like the AUDUSD) so expectations are for weakness down to at least 7375 (former 4th wave extreme). Interim support is at 7446. Additional strength would shift focus to 7640.

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