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Jamie's Pick: 05/23/12

Jamie's Pick: 05/23/12

Jamie Saettele, CMT, Sr. Technical Strategist

This morning’s action may compose the ‘flush’ before a larger correction takes hold. There are no setups to short the USD here with a sensible stop. Sure, the USD may extend a bit beyond current levels but reward/risk on USD longs is no longer favorable (except maybe against the Yen). HUGE levels have given way, most notably the January low at 12623 in the EURUSD. In my experience, the breech of such levels tends to give way to consolidation / corrective action BEFORE the next larger move. Make no mistake, the larger trend is towards USD strength but don’t get caught long USD at bad prices.

I’ll look to identify USD support as corrections unfold in real time but levels to keep in mind are 15890 in GBPUSD, 12870-12900 in EURUSD, 9970-10020 in AUDUSD, 7760 in NZDUSD, and 10060 in USDCAD.

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