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Jamie Pick: 03/02/12

Jamie Pick: 03/02/12

Jamie Saettele, CMT, Sr. Technical Strategist

Recent analysis remains valid – “After trading to its highest level since August 2nd, the AUDUSD reversed sharply and carved out a key reversal in the process. The very short term wave pattern also has bearish implications.” A short was taken last night on the break of the Asian session low (10785). The stop is 10820. A short term objective is 10675. Shorts were triggered last night on the break of the Asian session low (10785). A stop is in place at 10820. The range low at 10600 is an obvious target. A break there would target 10525 (1/30 low).

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