Australian dollar rides metals dead cat

Thursday, 24 June 2021

The forex market was quiet last night as DXY held its ground and EUR eased. That was enough for an ongoing rebound in metals after the recent pounding which helped support AUD. DXY/EUR:

Gold eased, oil marches on:

The Australian dollar is back at the key former support levels in the high 0.75s. Any rejection here will confirm a breakdown:

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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.