The commodity currency traded well last week. The Australian dollar has surprisingly been resilient in the face of geopolitical risks. News coming out from China were not so positive where property prices in China showed a decline. This should be negative for Aussie, however the currency found support in Australian Treasurer Joe Hockey’s comment on his optimism about Australia. Let’s see what has RBA Governor Glenn Stevens this coming Tuesday. Current Price action shows a range market.
It was a nice bearish move. Both first target at 0.8740 and second target at 0.8675 achieved. On Thursday, we would have the RBNZ Rate State which would tell us if the Kiwi has more bearish momentum to hit the final target at 0.8545.
All I can say is what a pull back that was. Price pull back to about 1293 traded up to 21sma.
The price action was much clearer. The support was 20.32. Price rejected it well. Same like the gold, price traded till the 21sma.