Australian dollar breaks out on risk blowoff (members)

Wednesday, 2 July 2014

Look at you go!

Sadly, the RBA ignored my warning yesterday of an impending breakout in the currency and off we go to an overnight high of 95.05. On the chart, it’s 95.5 and then clear air to almost 98 cents:

The long term bear market is intact in the monthly 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.