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Jamie's Pick: 10/25/12

Jamie's Pick: 10/25/12

Jamie Saettele, CMT, Sr. Technical Strategist

FOREX Trading Strategy:

I am short GBPUSD after the pop ths morning in GDP. Stops are above 16228. One may be able to get a better entry with estimated resistance at 16157 and 16227 but I like reward/risk even at the current level.

I am long NZDUSD from yesterday's close. Upside remains favored but beware of a dip after the US open. Support for today is 8210. Upside potential in NZDUSD is probably greater than upside potential in AUDUSD as per the AUDNZD reversal yesterday. Interim resistance for NZDUSD is 8260/98 although focus is on new highs (above 8356).

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.