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Jamie's Pick: 08/06/12

Jamie's Pick: 08/06/12

Jamie Saettele, CMT, Sr. Technical Strategist

Continue to look higher in the EURUSD this week towards the 38.2% retracement of wave 3, which comes in at 12554. The former 4th wave of one less degree is also of interest at 12746. 12320/40 is early week support.

The AUDUSD is pressing against an upward sloping trendline and 78.6% retracement of the decline from 10855. The trendline that extends off of the 2011 and 2012 highs comes in just shy of 10700 this week. A top is expected. One may wish to look at EURAUD in order to play AUD weakness.

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