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Jamie's Pick: 02/15/12

Jamie's Pick: 02/15/12

Jamie Saettele, CMT, Sr. Technical Strategist

The NZDUSD has already exceeded its 2/8 high but respect the potential for the 5th wave to extend towards the 78.6% retracement of the decline from the 2011 high at 8527 and 8/31/11 high at 8572. Support today is 8355 and risk should be kept to last night's low of 8323. A drop below there would be an early warning sign that the trend has reversed (and I'll probably go short...follow my on Twitter @JamieSaettele for my REAL TIME trades).

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