The AUD USD is trading lower after Wednesday’s rally failed to attract fresh buying. The charts are now indicating the possibility of a second lower top at .9337. Downside pressure is building which could drive this market into a support cluster at .9200 to .9191.
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1.Euro May Break Further On Speculation Greece Needs More Money
Speculation that Greece may require additional rescue aid to finance its economy could weigh on the Euro the rest of this week. At this time, the EUR USD is trading better; this could change following the New York opening. Additional factors that could hurt the Euro’s performance are ongoing travel disruptions in Europe because of the volcanic eruption and the widening Greek government/German Bund spreads. 2.Risk Aversion Over Goldman Fallout Sends Traders To Dollar, Yen
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The AUD USD is under pressure overnight as rumors of a potential revaluation of the Chinese Yuan are most likely triggering a liquidation break. The current chart formation suggests that this week’s two day rally may be setting up a secondary lower top following Monday’s closing price reversal top.
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James A. Hyerczyk is a registered Commodity Trading Advisor with the National Futures Association.

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