Aussie Bucks Lower Opening; Moves Higher

The Aussie reversed losses from the opening tomove higher. The AUD USD opened lower after this week-ends election resultscould not produce a clear-cur winner, leading to a hung Parliament.

The Aussie reversed losses from the opening to move higher.The AUD USD opened lower after this week-ends election results could notproduce a clear-cur winner, leading to a hung Parliament. Concerned tradersgapped the market lower in what appears to be liquidation of weak shorts. Thelack of follow-through to the downside, triggered a short-covering rally whichturned the market higher.

Technically, this morning’s rally in the Aussie helpedconfirm Friday’s daily closing price reversal bottom. This pattern suggests apossible 2 to 3 day rally with .9030 the next objective. A downtrending Gannangle at .9001 could limit today’s gains.

James A. Hyerczyk has been actively involved in the futures markets since 1982. He has worked in various capacities within the futures industry from technical analyst to commodity trading advisor. Using W. D. Gann Theory as his core methodology, Mr. Hyerczyk incorporates combinations of pattern, price and time to develop his daily, weekly and monthly analysis. His firm, J.A.H. Research and Trading publishes The Forex Pattern Price Time Report... More

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