Aussie Versus Yen and Euro August 15th

FX Strategy Video > Currency Pairs Analysis

The AUD/JPY seems to have found a backstop in the form of the 77 level. The pair is backstopped mainly because the Bank of Japan recently intervened, and the world is on edge about buying the Yen much lower as the BoJ has made it clear that it is ready to do it again. A break over 80 could see this pair run to 84.25 or so in the next few days.

The EUR/AUD had a nice bounce, but is starting to look very tired at these levels. The bug figure has held, and now we are looking more and more like an island reversal. This is rare, and a deadly accurate signal if it can happen. None the less, we feel that this pair has some downside potential.

Published on 12th of August 2011
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