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Jamie's Pick: 03/07/12

Jamie's Pick: 03/07/12

2012-03-07 14:17:00
Jamie Saettele, CMT, Sr. Technical Strategist
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An important low may form today in the AUDUSD. Near team structure favors one more drop to complete 5 waves down before a recovery. Regardless of the larger trend, a recovery is then expected (and perhaps an outright bullish reversal as the decline from the 2/8 high may compose a flat). Levels that may produce the low are 10450 (161.8% extension of 10844-10597 / 10856 and1/17 high), 10490 (channel support) and 10410 (200 day average).

The NZDUSD is in the same short term situation as the AUDUSD. That is, a drop below yesterday’s low probably completes 5 waves down from the 2/29 high and possibly a correction from the 2/8 high. Regardless of the larger trend, 8050/80 is expected to produce a reaction. The level is defined by the 200 day average, 1/18 high, and channel support. Near term resistance is 8170 and 8200.

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