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Jamie's Pick: 10/06/11

Jamie's Pick: 10/06/11

2011-10-06 15:18:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The AUDUSD has reversed from the long cited bearish target of 9400 and the channel that defines the trend from the July top. To review, 9400 is the 2009-2010 double top (2009 was slightly above 9400 and 2010 was slightly below). Short term structure is constructive, with the rally from the low unfolding in 5 waves. A correction of this rally is favored with 9600 and 9540 as supports. Upside levels of interest are 9810, 9840, and 9880.

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