Aussie Dollar - Daily Futures Chart 20th March 2009

Aussie Dollar - Daily Futures Chart 20th March 2009

Yesterdays wide spread up candle added to the bullish tone following Wedneday’s wide spread up bar, which reacted to the FED news in the evening along with many other major currencies around the world. With the futures price now having cleared the resistance level at 0.678, this should provide support for a move higher in due course with all three moving averages turning higher. The only slight concern in the candle from yesterday, is the relatively lareg shadow both top and bottom which would suggest some indecision entering the market, and therefore I would suggest a wait and see approach before buying into the market. As always I would use the hourly chart for your entry and exit points.

Looking at the volume, as we would expect in any move up this is now increasing suggesting the move has momentum behind it, and is therefore likley to continue for some time, with any turning points being identified using volume spread analysis techniques. The latest currency news is updated three times a day on the TV video channel, and the economic calendar provides all the fundamental news for the day, along with the live news feed and live currency charts. Note today that it is a national holiday in Japan.