Technical Analysis

A look into the biggest mover in yesterday’s trading

The aussie and the yen were in two opposite extremes in yesterday’s trading and the pair had good reason for a move lower on a technical level as mentioned here.

But as the dust settles now, it looks like we may just have hit a low point in the pair. Looking at the hourly chart, the move has stalled right near the 61.8 retracement level at 87.90 and in fact, it’s forming a double-bottom there and in the last three hours the pair has been rising.

Looking at the daily chart, the 23.6/76.4 retracement level (however you look at it) seems to be holding just under 88.00 as well. So far, that’s helping to draw a line for buyers to step in and keep the pair bid a little.

The yen may be the leader on the day still, but the near-term (hourly) chart shows that there’s some relief in the pair for now. We’ll have to see if buyers can follow through on that from here.

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