Aussie Dollar Drops & Yen Rallies!

Posted on Mo 23 April 2007 in Forex • 1 min read

The Austrailian Dollar dropped this morning against the USD and I'm watching key support levels for possible entry points. So far, none of my limit BUY orders in AUD/USD and EUR/USD have been executed. That's fine by me because my new trading plan requires super doses of patience and stalking. :)

When I logged into Oanda this morning, the first chart I pulled up was EUR/JPY. The Yen rallied last night as traders are still on edge about carry trade unwinding.  As I discussed previously, something's going on with the Yen for sure. Last week's currency model indicated spastic trend flips UP and DOWN which typical hints at a possible top (or bottom) in a trend.  Since I monitor my currency models daily and I'll be checking what it says later this morning!