Some sharp moves seen overnight after traders got a little carried away with bearish-USD and bullish-AUD sentiment. It just goes to show that the markets will never move in a straight line in one direction.
Personally I think the failure of AUD/JPY at the 61.8% retracement level at 81.85 is a very important technical event (I’ll do a full technical analysis a little later). Whether this manifests itself through a weaker USD/JPY, weaker AUD/USD, or a bit of both remains to be seen.
Good luck today and TGIF.
