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Jamie's Pick: 05/07/12

Jamie's Pick: 05/07/12

2012-05-07 14:29:00
Jamie Saettele, CMT, Sr. Technical Strategist
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The AUDUSD traded to a new 2012 low last night, slipping below the 1/9/12 low of 10145. Focus is on the 12/29/11 low at 10044 and confluence of the 100% extension of the decline from 10856 and 12/15/11 low at 9843/61. The level intersects channel support in early June. The bounce from last night’s low has reached resistance from 10200. Former lows at 10225 and 10245 are also resistance. Shorts are favored against 10280.

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