Last night the Ozzie fell dramatically down over 1.5 cents.
It broke below the gentle downsloping channel I talked about last night. And it decisively broke below the 0.896 level. It has also broken below the 89-Day SMA. The only worse thing that could happen would be the 13-Day SMA to break below the 89DSMA. That now looks like a foregone conclusion.
The ozzie is cactus. Our stock market will also be cactus (just my humble opinion).
As Looney Tunes said: Th-th-th-that's All Folks.
Hiya RedBacka,
ReplyDeleteFinally figured out this comment thing so I can say g'day almost personal like :)
Interesting stuff with "our" currency (as reflected in AUDUSD pair) and I am rapt to read abuot your consideration that a break down through important levels signifies further downside... I have a feeling you might be right, the timing though is going to be interesting...
I note, looking at the greater USDollar index that we had a bit of a spike up on Fiday night/Saturday mornings trading, and the reaction down from that spike has left the index at interesting levels.
It's left us at a touch n go situation, and I think the $USD index moves in the next couple of days wil prrovide some interesting clues.
hourly timespans suggest a potential retrace of about 50% of the last week's move is possible, however, if it bounces from where it closed Saturday morning... and the market on the much lower timespans suggest it will, then further upside is more of a given.
Rising tensions between Iran and Iraq could be just the catalyst (and are being "blamed " for the "flight to safety" spike that occured Friday night.
Next coupla days.. interesting times me thinks.
Thanks for your great work
;)