We learnt something really important about the shift in sentiment toward the Aussie dollar in the past 24 hours.
For the first time in six months or more there was no back-up buying after the employment data-induced rally. Rather, as soon as the Aussie got back to the the previous range, the sellers entered and sold the Aussie down from a high of 0.9217 to a low of 0.9087.
That is a powerful message that the buyers, for the moment at least, have lost the ascendancy to the bears.
You don’t have to be a chartist to learn something about a asset price or market from the price action – as they say, a picture paints a thousand words.
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