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Jamie's Pick: 08/09/12

Jamie's Pick: 08/09/12

Jamie Saettele, CMT, Sr. Technical Strategist

I am flat AUDUSD after being taken out on the spike above 10605. A drop below yesterday’s low (10530) or an obvious blowoff into the trendline just below 10700 (10680/90) offers the next opportunity.

The EURUSD has actually been a joy to trade on a short term basis recently. It was mentioned in last night’s technical that “daily RSI is rolling over at levels consistent with bearish resumption. Look lower towards at least 12290. Notice that the 4th wave label is moved out in time to allow for a more complex correction, probably as a triangle or flat, from 12041.” Price has bounced from 12290 and resistance for today / tonight is now 12330. I like shorts into 12330 with a stop at 12390 with 12240 and 12140 targets. Pattern wise, a triangle or flat may be underway from 12040.

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