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Jamie's Pick: 05/19/11

Jamie's Pick: 05/19/11

2011-05-19 14:55:00
Jamie Saettele, CMT, Sr. Technical Strategist
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This is a short term idea that should unfold in less than a week. The NZDUSD has reversed sharply and the rally is in 5 waves – indicating that at least one more bull leg is probable. It is possible that a larger flat or triangle is underway from the May high (the implications in both patterns are for strength close to and possibly just above 8120 before weakness back towards 7750). In other words, the NZDUSD (and AUDUSD) is a worthy range trade candidate. Near term support is 7830/50.

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