Thursday, April 16, 2009

AUDJPY: Don't Cross The Streams!

It looks like we are going to test the containment of the possible AUDJPY consolidation zone I mentioned previously.

Frankly, I had expected the market to hold up better to the news concerning jobs and housing, but then, if I could accurately predict what would happen I wouldn't be speculating would I?

In any case, if we get an upward bounce around 70.75 - 70.85 then we are still in what I consider the containment zone. This doesn't prove anything, but it does mean the lines on my chart are still useful guidelines for suggesting entry and exit points.

What I'm Looking At
If it doesn't hold, then we'll see about retesting some recent lows.

Each of them gives us a possible bounce point or release down to the next possible support point.

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