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Jamie's Pick: 07/10/12

Jamie's Pick: 07/10/12

2012-07-10 17:46:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Shorts were triggered this morning at 10240. The AUDUSD is clear cut; 5 waves down from 10328 and 3 waves up from 10154 set the stage for a sharp 3rd (or c wave) decline. Levels of interest are 10070 (100% extension) and 9970 (161.8% extension and 6/25 low). I favor the more bearish 3rd wave interpretation (first objective 9970) as per my outlook for equities. To be sure, shorting risk in a low volatility environment is difficult to do psychologically but the setup is clean.

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Jamie is the author of Sentiment in the Forex Market.

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