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Friday, October 14, 2011

Jamie’s Pick: 08/30/11

By Jamie Saettele, CMT, Sr. Technical Strategist 30 August 2011 15:03 GMT Yesterday's LE of 14440 was triggered.

The EURUSD continues to probe the highs of the last several months, giving scope to a breakout towards the June and May highs (14694 and 14942). Structurally, I’ve maintained that the consolidation since the May high is just that – consolidation. Favor a break higher as long as price is above 14256. The final subdivisions of a triangle may be unfolding now.

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30 August 2011 15:03 GMT


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Jamie’s Pick: 08/31/11

The USDJPY rally from its record low (just below 7600) is left as a 3 wave rally which is corrective and leaves price vulnerable to new lows. Reinforcing the bearish structure of the 3 wave rally is the sharp decline from yesterday’s high (impulsive). Short term resistance extends to 7705/25. If the USDJPY breaks down, the next level of interest on the downside would be the 161.8% extension of the decline from 7769, at 7507.

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Jamie’s Pick: 09/27/11

I remain of the persuasion that the AUDUSD is headed lower. In fact, the rally from 9620 fits as a 4th wave within the decline from 10764. A top and reversal is expected at / close to current price (9970). Bearish objectives are the November 2010 low at 9534 and the 2009-2010 double top at 9400.

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Jamie’s Pick: 09/15/11

I wrote yesterday that “near term weakness may extend to the August pivot at 10110 but there is now the possibility of consolidation in wave iv back into 10300-10400. Such a rally would present the next bearish opportunity.” Elliott channel resistance intersects with former resistance at 10380 today, which is an area I like selling into if reached. Shorts are favored against the Monday high (10440).

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Jamie’s Pick: 10/07/11

By Jamie Saettele, CMT, Sr. Technical Strategist 07 October 2011 14:49 GMT “The AUDUSD has reversed from the long cited bearish target of 9400 and the channel that defines the trend from the July top. To review, 9400 is the 2009-2010 double top (2009 was slightly above 9400 and 2010 was slightly below). Short term structure is constructive, with the rally from the low unfolding in 5 waves. I favor buying dips. 9600 and 9540 are supports. Upside levels of interest are 9810, 9840, and 9880.” Price has already reached 9880! Resistance at this former pivot is reinforced by a short term channel. A reaction lower encounters support at 9745 and 9670.

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07 October 2011 14:49 GMT


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Jamie’s Pick: 10/13/11

The sharp advance may be the beginning of the end of the wave 4 correction that has been unfolding since August. Currently testing Elliott channel resistance, 7784 is also resistance. As long as price is below 7956, I favor a top, reversal and decline to all time lows in order to complete 5 waves down from April. Yesterday’s rally is nearly entirely retraced and a break to a new low would shift focus to 7403 (width of consolidation subtracted from breakout level of 7594).

DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.


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