Australian dollar clinging on to 70 cents

by Chris Becker

The Australian dollar is just hanging on above the 70 handle against USD in early trade post NY celebrations:

Terminal support at the red-line level just above 70 cents relates to the 2015 yearly lows which if it breaks, spells a very sharp downward trajectory. Other undollar currencies are doing a lot better, especially Euro, given the ongoing Brexit nightmare:

A slowly ascending triangle pattern on the daily chart with resistance near the 1.15 handle could be broken soon if the US shutdown is not resolved in the short term.

Yen safe haven buying is almost off the charts as USDJPY heads well below the 110 handle, providing a massive headwind for Japanese stocks on their return from their long NY holiday:

More safe haven buying in gold, although it’s a little too much as momentum gets ahead of itself – check out those accelerating trendlines:

While Bitcoin persists in reverting back to it’s true value, although its got another $3800 or so to go:

Comments

  1. “Bitcoin persists in reverting back to it’s true value, although its got another $3800 or so to go”

    So you would put fair value around $7,600? 🙂 😛

  2. Its only a matter of time till some BS Australian Govt data comes out and the damn thing shoots back to .74-.75…. just watch….