The Aussie has had some interesting price action over the last 24 hours. After the Asian close in trade yesterday, we saw the AUD really begin to fall against the Greenback. At that point in time, it looked like it was the beginning of retrace.
However, as soon as US traders entered, the Greenback sold-off and sure enough we had a rebound. As it stands during the Asian session we are back above 80 cents.
At the same time the NZD has been powering ahead and I feel like both are in the same boat. Although the Aussie is lagging a touch.
Blow-off Top?
I’m still waiting for what I would call a blow-off top. That’s when price makes one big push higher and runs through the last remaining stops.
I can see that happening above 80 cents and probably closer to 81 cents. That is the area that we’ve previously been testing, during the most recent highs.
That’s the area I’d be most comfortable shorting. Given the fact that the USD isn’t looking like slowing down just yet, I suspect we might see a test of 81 cents in the near future.
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