by Chris Becker
The RBA Governor is trying to jawbone the Australian dollar lower in his testimony to Parliament today, stating the cash rate is likely to be 0.25% for five years or more, giving deposit holders around the country a coronary.
The dollar is moving slightly lower, with the hourly chart showing a break of support at the 71.40 level so we could see a further retracement down to yesterdays low towards the 71 handle:
An interesting pattern is forming on the AUDNZD cross with a successive series of new highs, now above the 1.09 handle (oh what a perfect time to holiday across the ditch – damn you COVID-19!) – but this is a technical bearish wedge with momentum well overextended:
Meanwhile, the PBOC has pushed the fix down only slightly to end the week right on the 6.94 handle, but offshore trading remains slightly above that level but still quite depressed:
Back to precious metals fantasy land, where the misty mountains are still filled with gold bugs as the shiny metal moves past former trailing resistance on the four hourly chart and almost back to the previous breakout point that took it furiously up through the $2000USD per ounce level:
Silver is even more ebullient, poking up through $27USD per ounce this morning:
Stocks are having a quiet session going into the weekend with the ASX200 up 0.25% while Japanese and Chinese stocks are literally treading water:
