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Bernanke Burnout: AUD/USD marks double top

The US dollar is tumbling down across the board, and the Australian dollar also enjoyed this fall. It managed to rise once again, this time after nearly hitting the previous swing low of 0.9080.

Update: a fresh round of dollar selling sends AUD/USD above the double top, to challenge 0.93

It rose all the way to 0.9234, and even crossed it: but by only three pips. As the chart shows, this is a double top:

AUD USD Double top July 11 2013 after Bernanke hits the US dollar before Australian jobs

We have already seen a double bottom from this pair earlier, at 0.9040, just above the very round number of 0.90.

The crash comes as Chairman Ben Bernanke released very dovish comments regarding the US economy. For instance, that the unemployment rate overstates the health of the job market.

Here are more updates about the big Bernanke burnout, with movements of hundreds of pips.

The Aussie seems to be hesitating towards the all important job figures in Australia. See how to trade the Australian employment change with AUD/USD.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.