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Jamie's Pick: 05/23/11

Jamie's Pick: 05/23/11

2011-05-23 14:11:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The AUDUSD has dropped beneath 10500 therefore rendering the triangle interpretation invalid. At the point, the advance to 10710 is probably an X wave in a larger more complex correction. Weakness should extend to at least 10400 (61.8% extension and former pivot level). 10200 is the 100% extension and 61.8% retracement and intersects with channel support later this week. 10565 and 10610 are short term resistance levels.

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