- One of many on the sell-off train.
- Monthly : Almost certainly to close below uptrend line (at 0.9897) and support at 0.9849 for Sep11 month end = sell signals.
- Weekly : Already double top formed = trend reversal. Going to close below significant support at 0.9924 as well = yet another sell signal.
- Short rates around 4.75% so negative carry is more than most other pairs, hence has interest rate support. But when downside momentum takes hold, the talk will turn to how much room AUD rates has to fall vs others. Cuts both ways.
1 comment:
Sold at 0.9753 average earlier in the day. Apologies, forgotten to post this and update Core Book risk table after trade was done.
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