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Is Aussie Cracking?
The Australian dollar bottomed in early December $0.7500 after having tested $0.8100 a couple of times in September. Since early December, however, the Australian dollar appreciated by nearly 6.5%. As it tested the $0.8000 area, the momentum faded. Yesterday it managed to close above that threshold and new buying lifted it above yesterday's highs briefly in Asia earlier today. However, there is a growing sense that the market has gone too far, and the 4% decline in iron ore prices provided the fodder for the profit-taking that has now pushed the Aussie below yesterday's lows. Although the outside down day needs to be ... (full story)
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- Jan 23, 2018 10:39am Jan 23, 2018 10:39am
- keepsilent
- | Commercial Member | Joined Feb 2013 | 14 Comments
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- Jan 23, 2018 11:09pm Jan 23, 2018 11:09pm
- nimtrader
- | Joined Dec 2016 | Status: Member | 8 Comments
I will get my head around this, but always can be wrong