AUD/USD major reversal pattern could signal alot more upside

From monetamarkets.com

Perhaps surprisingly, the top performing major currency this year has been AUD. This has taken place despite a major selloff in global stocks, a still relatively dovish RBA and general broad dollar strength. But it is the very strong bid in Australia’s key commodity export prices which is really boosting the aussie. This includes a mix of fossil fuels and precious and industrial metals. As we said yesterday, Australia is the world’s leading LNG exporter and one of the world’s top wheat exporters. The commodity rally has also spilled over into iron ore, where prices are getting back near their highs after a ... (full story)