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Risk on reflects on currencies

AUDUSD Tech analysis by Simon Kazinsky on 13:30 Octuber 28, 2014 EST

Stock indices around the world started the week on the right foot and are posting substantial gains on Monday.

This reflects on the currency markets too. AUDUSD has pierced a moving average that had provided resistance in previous days. It has also produced two lows that now allow us to draw an ascending trendline that could constitute the lower boundary of a short term rising channel for the next days/weeks. Equally, EURJPY has made a similar move.

These two pairs are in bear's territory in my long term technical analysis and therefore these rises are treated as a correction within a broader context where further loses are expected.