Friday, June 7, 2013

Aussie in volatile mode but downtrend is intact and support is breached

The AUDUSD pair has gone through a period of significant volatility. The Omicron Forex Silver Trigger routine has held its short position, but doing so has been like retaining your seat in an extreme roller coaster experience.

The cause of the rise prior to the resumption of normal service had more to do with a correcting US dollar than a resurgent Aussie, due to economic news with the on-again, off-again nature of Quantitative Easing in the US up front and centre.

The downtrend, signified by a succession of lower highs and lower lows in the daily chart above, is intact.

All eyes and ears are now peeled for the release of US Non-farm payrolls later today. This can be expected to be the signal for further volatility.

The breach of the 0.96 level, which has acted as a resilient support for the AUDUSD pair, is now looking more and more like a done deal.

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