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Jamie's Pick: 10/29/2012

Jamie's Pick: 10/29/2012

Jamie Saettele, CMT, Sr. Technical Strategist

I remain short GBPUSD and AUDJPY.

-GBPUSD-has retraced half of the rally from 15912. The British Pound is the weakest of the majors ahead of what may be an extremely quiet US session. The 61.8 level at 16000 may provide interim support but focus is lower into month end. Areas of interest include 15770 and 15644.

-AUDJPY-Focus remains on 8163 (10/22 low) and 8096 (61.8% of the rally from 7940). 8300 is resistance and shorts are favored as long as price is below 8347.

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