Jamie's Pick: 03/13/12
The NZDUSD break above Monday’s high (8200) is enough for me to trade from the long side (a 4th wave low may be in place at last week’s low). The divergence between the AUDUSD and NZDUSD (new AUDUSD low but NZDUSD holding the low) is typical of turns as well. 8185/8200 is short term support and 8320 resistance.
I also remain long USDJPY - move the stop on the bulk of the position to 8195. Keep the stop on the core position at 8055.
For more frequent updates, follow me on Twitter @JamieSaettele
To be added to Jamie’s e-mail distribution list, send an e-mail with subject line "Distribution List" to email@example.com
Jamie is the author of Sentiment in the Forex Market.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.