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Jamie's Pick: 05/11/12

Jamie's Pick: 05/11/12

Jamie Saettele, CMT, Sr. Technical Strategist

I maintain that the best way to play the global slowdown is through the AUDUSD. I’m looking lower today towards 9975 and 9860 as long as price is below last night’s high (10090). Exceeding that level puts 10145, 10165, and even 10225 back in play as resistance early next week. The AUDCAD is the biggest loser today on the back of CAD jobs but underlying macro trends are likely to win out and support USDCAD over time. On that note, USDCAD support is expected from 9900-9930. AUDJPY is a candidate of course but I’d rather not deal with the intervention headache that comes with owning JPY.

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