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Jamie's Pick: 10/07/11

Jamie's Pick: 10/07/11

2011-10-07 14:49:00
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. I favor buying dips. 9600 and 9540 are supports. Upside levels of interest are 9810, 9840, and 9880.” Price has already reached 9880! Resistance at this former pivot is reinforced by a short term channel. A reaction lower encounters support at 9745 and 9670.

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