The risk rally is faltering at the moment and the Australian dollar is feeling the heat.
Last week my mate Omid said in his short piece that 1.0665 was the key support. Similarly Rick Spooner over at CMC Markets had this level as the one to watch on the long he suggested.
So there is every chance the market will be watching it too:
I think it’s going lower, but a break below 1.0650 is needed to confirm for the run into the 1.04/05 region I have been talking about recently. But as you can see in the chart attached from my Bloomy iPhone app, if it gets a wriggle on, the Australian dollar could fall a little further.
My double bolly band strategy is now short and the the recent low around 1.0597 is going to be the key to open up substantial downside:
Good hunting
Gregory McKenna
www.twitter.com/gregorymckenna
Sent using WordPress for iPhone.
Please remember the usual disclaimer applies – I have my money management and stops that you don’t have access to and I have not taken your personal circumstances into account. So this is not advice just my view on the Australian dollar