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Jamie's Pick: 02/22/12

Jamie's Pick: 02/22/12

Jamie Saettele, CMT, Sr. Technical Strategist

The NZDUSD situation is similar to that of the AUDUSD in that sideways trade since 2/8 is viewed as corrective. Specifically, the pattern since 2/8 is probably either a triangle or flat. In the case of a flat, a dip under 8245 would occur before a bullish reversal. The invalidation level for bulls is the 2/1 low at 8212. A drop below there shifts focus to 8140 and 8080.

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