Australian Dollar Under pressure

May 11, 2012


As we end the week the Aussie looks like a shot duck – its close to parity as I write at 1.0020 and is just 40-60 points above the target I have had for about 5 or 6 cents now.


As readers know my last post was saying I think the Aussie is heading toward the 0.90 region. If we get through the target identified above on a weekly close my sense is we are on our way.


You can see this longer term technical outlook, which summarizes all the fundamentals in the price action in the chart above.

There is a lot of positive sentiment and positioning which had accrued to the Aussie in the past 12 months and the unwinding, when it comes, could be brutal.

Have a good weekend

Greg McKenna
Sent using WordPress for iPhone

Usual disclaimer folks – this is not advice and you don’t have my stops or money management.

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