U.S. Update: Dollar testing year lows
What happened in Asia and Europe After late U.S. session strong dollar bearish rally, majors spent most of Asian session consolidating around New York closing levels. Japanese yen lost some ground against dollar and Euro, as Japanese importers bought the two currencies ahead of their month-end book-closing. But rallies did not hold as weak Asian share markets encouraged short-term investors to buy back the safe-haven yen. Early Europe, dollar remained consolidating close to year lows against
Australian Dollar consolidates in narrow range
Australian Dollar consolidates in narrow range Gold remains well bid AUD/USD The Australian Dollar continued to exhibit strength after managing pushing toward the 0.8478 level, a 61.8 Fib of the 0.9849-0.6018 USD rally and the August monthly pivot high. A break to the upside would most likely see the pair test near-term resistance above the psychologically important 0.8500 handle at 0.8519, a confluence of the September 2008 monthly pivot high and January 2008 monthly pivot low. Further upside