Australian Dollar Short term outlook

March 9, 2012

FOREX

The Aussie Dollar has fought back pretty well this week given the domestic economic data. In truth though it probably didn’t fight at all it’s just a boat that has been lifted by the tide as Greece nears a deal and default is forestalled once more.

But that us not to say that the weakness we saw wasn’t quite as weak as we could have expected.

As you can see in the chart below the Aussie broke down through the uptrend line ran a little and over night retested the line.

Where to now?

It’s looking more like a range than a crash/fall. The retest of the line if it fails suggests back toward 1.05 for a retest of the bottom. My Double Bolly strategy is still short, just, but is in the money.

Time will tell on this one.

Cheers

Gregory McKenna
http://www.twitter.com/gregorymckenna

Sent via WordPress for iPhone

Usual disclaimer – this is not advice, I haven’t taken your circumstances into account and I have my own stops and money management tools you don’t have access to

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3 Comments on “Australian Dollar Short term outlook”

  1. Ben Sharma Says:

    Hi Greg

    Mate, only just found out that you are not with the NPBS any more. That’s sad to hear. I always used to enjoy our little chats and listening to your seminars. I will miss them. If you still hold them, I would love to attend, please keep me in mind.

    Mate, if you are in Cardiff next time, please call in and say hello, have a cup of coffee and a chat to catch up. I would love to see you.

    All the best. Don’t be a stranger.

    Regards
    Ben Sharma

    Reply

    • Gregory McKenna Says:

      Thanks Ben…

      Yeah I left back in mid Feb – I promise not to be a stranger and i will certainly keep in touch.

      I’m taking it easy(ish) at the moment but next time i head down toward Newy i’ll sing out and swing by Cardiff.

      All the best to you and Gloria
      Keep well
      Greg

      Reply

  2. Velociraptor Says:

    Nice work Greg. IMO the kicker will be the risk off return OF capital vs ON capital flight to the USD. The secondary bond market on rumours on Greek restructured debt is already talking default and 20% yields. Interesting times.

    Reply

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