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Jamie's Pick: 03/16/12

Jamie's Pick: 03/16/12

Jamie Saettele, CMT, Sr. Technical Strategist

From last night -

"Similar to the AUDUSD, a 4th wave interpretation of the decline from 8470 is valid. The combination of support from the Elliott channel / 38.2% retracement of the rally from 7460 and daily key reversal (today) portend a bullish resolution in the coming weeks. Supports are 8175, 8145 and even 8110. The next few days are vulnerable to choppy conditions, if for no other reason than to clear a market saturated with weak hands that chased US session strength (on Thursday). ). If the presented count is correct however, then this is one the best buying opportunities of the year. KEEP RISK TO 8060 as failure of the bullish structure would probably trigger sharp losses." Pattern from yesterday’s low may compose waves 1 and 2 of the larger degree 5th wave. This is an aggressive count but reward/risk is highly favorable for bulls against 8175.

To contact Jamie e-mail jsaettele@dailyfx.com. Follow me on Twitter @JamieSaettele

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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.

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