Aussie Dollar short term outlook

March 7, 2012

FOREX

The Aussie Dollar fell out of bed last night as equities fell, emerging market sentiment waned and so called risk assets generally just went off.

It sits this morning as I write currently around 1.0530 having made a low at 1.0524 earlier this morning.

Where to now?

On the hourly chart from my FXPro iPhone app you can see that it looks a little over sold.

20120307-072531.jpg

But on the dailies it is only just breaking down as you can see in the next chart.

20120307-072750.jpg

1.0387 looks like a natural magnet now. I’m not getting too bearish but my double Bolly Band strategy is still short as I noted yesterday.

Have a great day

Gregory McKenna
http://www.twitter.com/gregorymckenna
Cross posted with MacroBusinesd

Sent via WordPress on my iPhone

Please remember the usual disclaimer. This is my view on the Aussie Dollar and I have my stops and money management you don’t have access to.

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