Australian dollar cracks six year low

Monday, 6 July 2015

And so, the great Australian consensus machine, which does not have a macro cog in it, is again wrong with the Aussie sinking to new six year lows on Friday night breaking intraday and closing levels in the process. On the crosses it was carnage showing that this was pretty particular to the battler:

On the daily chart we hit a new intraday and closing low and broke support on the bearish descending triangle I’ve been pointing to:

It’s even more clear on the weekly chart:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.