Apr 162012

6A 036 12 (1 Min) 04.16.12

4/16/2012 RBA Monetary Policy Meeting Minutes (1530 HI time / 2130 EDT)
Forecast: n/a
Actual: n/a
Started @ 1.0273
1st Peak @ 1.0257 – 1531 (1 min)
16 ticks

Reverse to 1.0285 – 1545 (15 min)
28 ticks (2x top)

Notes: Relatively small spike with long tail on the :31 candle. This report typically yields more ticks and the spike only had to contend with the S1 Pivot, but the sharp reversal is a good indication that it will not gear up for another short dive. I would close out with a handful of ticks profit. The stagnant activity on the :32-:34 candles indicates an effort to go short again after the retracement, but after 3 minutes, the bulls overtook the action to jump start the reversal. It eventually fought through the S1 Pivot, then all three major SMAs before arresting just above the 200 SMA with a double top.