AUD bears beaten back yet again
Like I’ve mentioned a few times in the last few days, price action at .9270 in the AUD/USD has been extremely instructive. Last week we saw iron ore prices fall heavily during Chinese trade when the AUD/USD was close to that level, yet it couldn’t break below. Yesterday we sat for most of the day near there whilst the RBA Governor was speaking, yet even his words couldn’t break through. All of this was on-going in a strong USD-bull market!
AUD/NZD is threatening to break above important technical levels, AUD/JPY is back on the bull train and even the GBP is taking a beating against the resurgent A$.
What can’t go down, must go up!