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.