by Chris Becker
Talk about shrugging off the dust on your shoulders. Following the deluge of fairly bad economic prints from China over the weekend, the Australian dollar this morning hasn’t gapped, hasn’t moved, hasn’t hiccuped:
The trend is obvious in the short term chart, but looking at the four hourly chart (my preferred time frame) this new uptrend is placed in context. After hitting the 69 handle last week, the Aussie dollar has rebounded up to 71 cents becoming overbought in the process. However, this secondary indicator is overshadowed by price, with a series of higher lows and now some significant four hour closes – i.e end of sessions in London and New York – pushing the Aussie up and almost over 71 cents:
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