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As we mentioned in our weekly forex market commentary, the key area to watch for the Aussie on the upside was the 1.0220/30 area and this held the upside of today’s wild ride of price action. In the process of the day’s modest gains, the Chikou span crossed the piercing line which is an additional bullish signal, along with the upward tenkan kijun cross 5 days ago and the sharp climbing tenkan line. Interestingly enough the price action for today touched the Senkou Span A of the Kumo before bouncing higher.
Although there are bullish signs continuing to form, the pair has yet to clear the Kumo which it will need to do to add more upside favor. For …... Keep reading