DislikedHere is why I think so. Probably a large portion of Banks and Wall Street are long AUD, once those stop losses start going off, it's hard to slow it down. Basically what happened last timeIgnored
Fly to LA and bring thousands in Aussie cash and see what any big bank is going to give you for it, jack shit that's what.
These major moves downward to roughly .63 were several months past now, and it has taken several months to get to where we are now. Banks were desperate for cash. They aren't desperate for cash right now, at least not as far as I am aware. They can obtain it at virtually no cost.
So, barring any other odd circumstances, like the Chinese dropping an ICBM on California, there's not much chance we're going to see the .70's within the next couple of months.
I'm biased short, but a few charts on this thread have solid technicals long, and alot of the fundamentals are mixed. We might be sitting in a range here for a while. Perhaps a year would be long enough for your channel bottom to meet the existing price range.
So you have to look for what else is out there fundamentally that is going to change the technicals that are thus far biased to the long side. Just because a couple of traders with retail brokers think we've gone to far to the top side and are convinced it's going south doesn't mean it will.
The volumes of money they are playing with on a daily basis have nothing in common with people with real money making long term decisions.
