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Jamie's Pick: 01/30/12

Jamie's Pick: 01/30/12

Jamie Saettele, CMT, Sr. Technical Strategist

I wrote Friday to “respect potential for one more high next week. I do have my doubts however since the NZDUSD has already traded into its resistance zone and tested its October high. This divergence (new NZDUSD high, AUDUSD not confirming) is common at turns. In any case, 10540/75 is support.” The AUDUSD has dropped below 10540 and focus is now on the 200 day average, 20 day average and support line just above 10400. 10575-10600 is resistance.

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