The Australian dollar continues its upward trend against the US dollar, despite a recent pullback which sees it trading below US$0.70. The daily chart is still trading above the 200-day moving average. There could be some more US dollar strength in the coming weeks, mainly on a revision of inflationary expectations.
If inflation does persist, it will be positive for commodities and the AUD is seen as a commodities currency, so we're maintaining our medium term bullish stance. If the 200-day moving average breaks, we will revisit. For now, it provides a good stop loss level for Aussie bulls.
The forecasts provided herein are intended for informational purposes only and should not be construed as guarantees of future performance. This is an example only to enhance a consumer's understanding of the strategy being described above and is not to be taken as Blueberry Markets providing personal advice.
If inflation does persist, it will be positive for commodities and the AUD is seen as a commodities currency, so we're maintaining our medium term bullish stance. If the 200-day moving average breaks, we will revisit. For now, it provides a good stop loss level for Aussie bulls.
The forecasts provided herein are intended for informational purposes only and should not be construed as guarantees of future performance. This is an example only to enhance a consumer's understanding of the strategy being described above and is not to be taken as Blueberry Markets providing personal advice.
The Blueberry Team
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