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Jamie's Pick: 12/08/11

Jamie's Pick: 12/08/11

2011-12-08 17:33:00
Jamie Saettele, CMT, Sr. Technical Strategist
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I wrote yesterday that “a smaller triangle may be underway from the 11/30 high. If so, then expect a break through 10330 this week. 10500 is an objective. A drop below 10150 would negate the triangle and shift focus to 10090 and 9950.” The AUDUSD was only able to reach 10380 before staging a dramatic reversal. Coming under 10150 would shift focus to former resistance and the 20 day average at 10060/75. Pattern wise, the structure of the decline from this morning’s high will give us an idea as to the larger trend. At this point, the best bet is a triangle or flat from the October low (with the current rally from the November low as wave C).

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