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Jamie's Pick: 07/16/12

Jamie's Pick: 07/16/12

Jamie Saettele, CMT, Sr. Technical Strategist

The AUDUSD has held its short term corrective channel and 100% extension of the decline from 10330 but I remain bearish below 10280. Bigger picture information, such as RSI failing before 70 on the daily and near 50 on the weekly, makes turning bullish a risky proposition in my opinion. Exceeding 10280 would bring into play several patterns from the 7/5 high, including an already completed correction, ongoing triangle, or larger complex correction. 10280 is all that really matters near term.

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