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Aussy Double Bottom, a Resilient 80, and the US NFP
Unlike the financial currencies which has just gone down and down through out the first full week of trade for 2015 Aussy has formed a double bottom off its psychological support of 0.8000. Monday saw us with a low of 0.8035 and a spinning top for the daily candle while Wednesday saw the lows drop a little bit lower to 0.8032 only to end up with a hammer. By themselves these candles suggests a loss of bearish momentum and the potential for a correction. Yet when combined with the fact that just beneath it is a big figure psychological support the idea of triggering our double bottom by pushing past 0.8157, Tuesdays highs is getting more attractive. All of these of course is with the backdrop of today’s NFP release and yet things can actually be a win win solution for the Aussy. Heads, we get a strong read and people will argue that good for global consumption and your commodity producing countries. Tails and we say bad US data will trigger a correction following the huge gains for the dollar during the Christmas holidays. So lets give it for the Aussy. Hep-hep hurray!!!
Source: http://www.fxinstructor.com/blog/aussy-double-bottom-a-resilient-80-and-the-us-nfp
