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Jamie's Pick: 09/06/11

Jamie's Pick: 09/06/11

2011-09-06 15:02:00
Jamie Saettele, CMT, Sr. Technical Strategist
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“An AUDUSD high may be in place as price has declined beneath the short term Elliott channel. More importantly, the decline from 10764 is impulsive (5 waves). Near term resistance is 10625. The implications from the above count are bearish as the next AUDUSD bear leg would result in a break below 9928.” Last night’s spike reversed right at the gap from Sunday night and 50% retracement of the decline from 10762. Look lower towards 10417 and 10315 this week. Resistance remains just above last night’s high of 10627 (don’t dismiss potential for a retest of that level as per the short term NZDUSD count). A longer term bearish objective is in the mid 90s.

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