But if we can get above this 50 day EMA, perhaps we go climbing to the 148 yen level again, which is where the 200 day EMA sits, which is typically thought of as a major support resistance area. If we do break down below here, I see a somewhat important area in the range of 142 yen, but we’ll just have to see how that plays out. I still favor the upside simply because you get paid to wait.

AUD/USD Technical Analysis

And finally, taking a look at the Australian dollar, we continue to struggle with 0.6550. We’ve pulled back from there, yet again. We just cannot really take off to the upside and go looking to maybe 0.67 yet, despite the fact that the US dollar is weakening against multiple other currencies. But it appears to me that Pacific currencies, for example, the yen, the Australian dollar, the New Zealand dollar are all in the same boat, they just can’t launch against the greenback. So that tells me that most of what we’re seeing anti US dollar is a pro Europe, pro-UK type of situation.

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