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Jamie's Pick: 05/10/12

Jamie's Pick: 05/10/12

Jamie Saettele, CMT, Sr. Technical Strategist

Most of the AUDUSD short was exited last night on the break above the Asian opening range. It was the first time that price had held and broken above the Asian opening range since May 4th. Price has entered the 10135/65 resistance zone (5 day average and short term pivot on Tuesday) mentioned last night on Twitter. Keep an eye on resistance in the AUDNZD (12890) and the S&P (1370/75 for e-mini) for help in position sizing and timing the AUDUSD. 9975 and 9860 are the next bearish objectives.

If you want to learn more about specific timing strategies (opening range for example) and my trading, then join my next week for a trading bootcamp.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.