Australian dollar falls as iron ore miners wake in fright

See the latest Australian dollar analysis here:

Macro Afternoon

Not much for for Aussie assets today as the Australian dollar falls away:

XJO is down moderately but still has a bullish chart:

Bonds are bid:

Dalian is flat so far:

Big Iron has woken in fright from discounting only lollypops and rainbows. FMG at new highs as this unfolded was truly bizarre stuff. Plenty more downside here:

Big Gas is partying on…well…something invisible:

The technical pattern I invented the other day called “four black crows” has sunk Big Gold:

Big Zombie is spewing its cut price cash:

As Big Realty rotates from REA to DHG:

Not much of a market unless you’re positioned offshore!

David Llewellyn-Smith


  1. Really want to short FMG, but I know how it will play out if I do:
    – Take position
    – Trump immediately goes full Eddie McGuire “No Deal!”
    – China freaks out and decided to rebuild the entire nation (again)
    – IO to the moon.
    – I’m wiped out.

    Sound about right?

  2. Dalian futures just spiked 2.6% for some reason. Now pulling back below 2%, but can’t find the news item that drove the move.