The Australian dollar smash is upon us

Wednesday 5 November 2014

At last. Despite our own blundering, last night the currency finally broke down, and how! The Australian dollar smashed through its 86.4 cent support against the US dollar and sits 85.82 as I write:

Technicals suggest 80 cents then 60 cents:

It happened despite Japanese QE, mooted European QE, and ‘risk on’ in broader markets. In fact, it happened across the entire universe of cross-rates:

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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.