Trend trumps support/resistance! As you can see on the chart below, the trend’s direction is THE most important thing (green moving average line). The uptrend has prevailed through many black resistance lines before and it’s about to do it again, after a resting/consolidation phase.Click on the chart to enlarge it.
Aussie’s inflation is still high…it’s rates are the highest among the industrialized nations and the world needs its commodity exports. The global economy is recovering…China is buying up commodities to fuel its expansion…and Australia is the beneficiary of all of this.
Update on EUR/CHF: It continues to make “higher bottoms” as the Swiss National Bank, their central bank, continues to “sell francs vs. the euro. This continues to gradually push EUR/CHF higher.
Sean Hyman
www.forextradingblog.com
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