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Jamie's Pick: 02/17/12

Jamie's Pick: 02/17/12

Jamie Saettele, CMT, Sr. Technical Strategist

Recent AUDUSD action probably composes a 4th wave correction within the 5 wave advance from the 12/15/11 low. The floor is strong as price is holding its Elliott channel (line parallel to waves 1-3 extended from wave 2), 20 day average, and February opening range. Bullish objectives are the 2011 high at 11080, and common Fibonacci relationships. Wave 5 = 1 at 11153 and wave 5 = 61.8% of waves 1-3 at 11236. These levels intersect the channel on March 5th and March 9th. I like longs on dips between 10715/40 with a stop under 10645.

Additional levels for AUDUSD traders

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