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Jamie's Pick: 05/24/11

Jamie's Pick: 05/24/11

2011-05-24 12:50:00
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 may be an X wave in a larger more complex correction. Weakness should extend to at least 10400 (61.8% extension and former pivot level) under this interpretation. 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. An alternate treats the decline from 11011 as a leading diagonal (either an A or 1st wave) - trading above 10710 would trigger this count as favored.

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