What is going on? I searched on the news and I dont see much going. It seems like a such a random sporadic move.
Edit; Sorry. Around 6.30 pacific time, AUS prices were moving like crazy.
Its calculated not sporadic. Reason we are approaching the 1.0000 figure. There is not many stops resting around this level to run due to the fact the last time time we were here was well into last year and we have moved 6000 pips since then. There are however many many short orders and buy orders resting around this level. Now take a step back and think about it if you were big money what would you do. Buy orders are going to be resting just above that level with stops just below that level. Would it not make sense to trigger those entries and let price move up off those entries to get there shorts in at a better price. Then drop back down to take out there stops and trigger the people that also had sell orders resting there with stops just above that figure. Then spike price up (or retest that figure) to take out there stops aswell. After the fact it will look like price just bounced around the figure (numbers are never exact right). In the end it is all a calculated move to bring in more orders. More orders means more money. These guys have been doing the same stuff for many many years now its just people dont see it as price has not been here since last year. No one will know that zoomed way in on there 5 minute charts and there fore proceed blindly. At the end of the day its common sense. If I had that much money I would do the exact same.