Foreign Exchange - Australian Dollar Currency UpdateYesterday it was obvious on the hourly charts that some currencies had fallen too far, too fast and in too straight a line to keep going without a pause or corrective bounce. The Australian Dollar was the most glaring case, with the euro looking overdone, too. See the Australian Dollar chart. For foreign exchange trading purposes, when we see a corrective bounce coming, we guess a level where it would be safe to go short again. This time it was the previous intraday high of the previous day, or 1.3331. This time the correction went 7 points over that. Having succeeded in the guess one time doesn’t make it a good rule for every situation.
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