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Jamie's Pick: 07/17/12

Jamie's Pick: 07/17/12

Jamie Saettele, CMT, Sr. Technical Strategist

I am flat pre-Bernanke after being stopped out last night for a 40 pip loss in the AUDUSD short and exiting a EURUSD long for a 60 pip gain. Stay tuned for potential short entries for both the AUDUSD and EURUSD.

The USDOLLAR has reversed Asian session losses. The 60 day (3 month) average has been support in the USDOLLAR for a month now. The EURUSD, in particular, is vulnerable after testing the bottom of its former base channel. 12245 is interim support.

There is divergence on a closing basis (240 minute) between AUDUSD and NZDUSD that has characterized tops in recent months.

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