Aussie Yen – pulling back toward support

January 30, 2012

FOREX

Last week I posted saying that Aussie Yen had hit resistance and that it was time for it to pullback towards 81.00.

In that post I also noted that the Aussie Dollar was likely to have made a high on its run to 1.07 last week and was due for a pullback into thee 1.0450/1.05 region.

Small beer really in the big long term trends but large enough moves to make some money on the pullbacks as they are occurring even if the respective crosses remain in an uptrend. As I write it is sitting below 81.40 with a short term target of 81.03 before a move potentially toward 79.90/80.00 which is both Fibo and (tentative) trendline support. Should it fall through here then something deeper is afoot.

Here is the longer term chart with the daily price moves for the past year with the second the shorter term up move showing the fibonacci levels more clearly.

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Please remember these are not recommendations for you to trade these are my views and I have my risk management tools and risk parameters that you do not have access to. Thus, this blog is for information only and does not constitute advice. Neither Greg McKenna nor Lighthouse Securities has taken your personal circumstances, objectives or financial situation into account. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation

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