What's the fundamental of AUD up?
in my mind there is only one fundamental AUD up.... that was rba's hold on cash rates.....
is that enough to outweigh all the fundamental downs.... not very likely....
the rba wants a weaker rate ..... and momma gets what momma wants.... if china does not drag it down, and it will, the rba will lower rates.... lowering rates should be their last option.... but in any event, the rba will get what they want.....
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technically speaking, the audusd now has a 11 td sequential down count with almost no chance of this month not being 12.... that's quite a run.... we could see 17....
the td count could very well be the best indication of AUD up.... i'm short and will stay so ..... but it would be foolish not to acknowledge the possibility of the audusd making a run at .77 this month.... that gives us 4 big round numbers to climb above.... actually 3 now cause it just cleared .74 , we'll have to see if that still stands at the ny close....
once the bounce buyers have made their money
and the shorts stoploss's being hit have dwindled, the rba's preferred direction will resume....but again anyone short, which includes me, should be mentally prepared for a run at .76, .77 or even .78 .... stalling before .75 would not surprise me.....h
to trade and code, keep both simple... no call to impress....h
