Old news! That was yesterday, when the MMs whacked the price, maybe to load up on longs! Price is now 0.7920, a lot closer to 07950 than 0.7850. There is an AUD high impact release in 30 minutes. The Robber Bank MMs might whack it again and then bring the price right back up. If they do, it is confirmation they are building long for a reversal move upwards.
AUD/USD – Drops to New Multi-Year Low Near 0.7850
The last week has seen the Australian dollar fall very sharply and break lower from the trading range that had been established roughly between 0.8050 and 0.8200. This has resulted in a new multi-year low near 0.7850 in the last day. A couple of weeks ago it made numerous attempts at the resistance level at 0.82 only to be sent back often before finally finishing that week moving through this key level. In doing so it was able to reach a one month high near 0.83 before being sold back down again towards 0.82 as the resistance and selling activity above this level kicked in. Over the Christmas / New Year period, the ... (full story)