Australian dollar struggles with stocks

See the latest Australian dollar analysis here:

Macro Afternoon

The Australian dollar is weak today and still forming a bearish descending triangle pattern:

Bonds are also picking up on more risk:

But not stocks yet:

Big Iron is soft:

Big Gas better:

Big Gold still consolidating:

Big Banks have a very strange pattern matching the whack rotation:

Big Chunt is its usual unworthy self:

It’s not the tearaway market of a few weeks ago anymore.  Risk is building. But stocks and forex are still joined at the hip:

Remember those glory days when an economy meant something to its currency?

David Llewellyn-Smith
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  1. The idea of depending on distant friends for our oil might not be so smart. The US imported as much crude oil and refined products as China in 2019, it uses it to process what it sells which means its resources are not right for most of the world. Rig count won’t pick up quickly in the shale fields so they will be buying a lot more this year and next. More FX needed.