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Jamie's Pick: 05/03/12

Jamie's Pick: 05/03/12

Jamie Saettele, CMT, Sr. Technical Strategist

I remain short USDCAD (stop 9985) and long USDJPY (stop 7960) for larger moves. The biggest technical development is the NZDUSD break to late January levels. A breakout strategy is warranted-

The NZDUSD has broken to levels not since late January. Near term focus is on resistance from January at 7981 and 7910. Very rarely should one chase price in FX and this time is no exception. Rather, I favor shorts on pullbacks into 8060-8120 with a stop above 8165.

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