The short term charts in pairs like AUD/USD, AUD/JPY and AUD/EUR were significantly overbought after the short covering frenzy in NY. AUD/USD has eased back to .8475 from .8515, AUD/JPY from 77.60 to 77.00 and EUR/AUD has rallied from 1.4510 to 1.4570.
Previous tops should now form support for the AUD/USD and AUD/JPY respectively at .8385 and 75.90. They’re not particularly close to current levels but that’s the type of volatile market we are in.
