Friday, 10 February 2012

AUD/USD false break higher?

Looks possible. It certainly not a bullish sign that the market failed to follow through higher after the initial upwards thrust post-RBA meeting. Though is it a bearish sign? Perhaps the answer depends on your time frame. Repeating what I said earlier in the week "Finger in the air, and looking at tests of similar resistance in September and October, I'd say a move below 1.06 would lead to still lower levels."