To continue with my series of looking at risk currencies when the global markets are marred by violent indecision, you can see that the Aussie Dollar has indeed made a higher low versus the perceived-risk-averse-currency, Japanese Yen. After a sharp initial rally, the Aussie was in danger of rolling over and breaking below the bearish rising wedge, outlined on the daily chart below of the currency cross. Instead, the bulls stepped up and made a higher low, indicating a shifting of the initiative away from the bears.
While the Aussie is still in an overall corrective phase versus the Yen, this recent change of events is something to respect. While I expect more fits and starts in the coming weeks, if that 50 day moving average to starts to smooth out we could easily have the makings of a major bearish to bullish reversal.
Keep an open mind and adapt to the changing technical landscape.
3 Responses to The Elusive Higher Lowjob
Geez, Mrs. Yogi’s home today. Am I gonna need to put tape over the monitor?
That was G-rated, my friend.