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FX Interventions, Aussie & Gold
ECB Intervention is inevitable, Gold set to catch down with other commodities & Aussie to way down under
With its May 0610 low at 0.8704 broken on Tuesday and the 0.8576 level, its 2010 low and the 0.8500 level violated in todays trading, risk of further weakness remains towards its Sept 0209 low at 0.8238. This break now confirms a top and portends further weakness. Below the 0.8238 will expose the 0.8000 level, its big psycho level. Alternatively, the pair will have to break and close above the 0.8500/0.8576 level to clear the way for a recovery towards the 0.8704 level followed by the 0.9077 level, its May 1010 high. As can be seen from the chart, AUDUSD has a lot of overhead resistance to overcome if any corrective recovery is staged. All in all, having ended its corrective recovery on Tuesday and weakened through the 0.8576/0.8500 levels today, further risk is likely towards and below the 0.8238 level.
Stationdealer, oooooo yes, that chart shows who is " the ugliest bride"
b.
Qiman. sure germans dont mind the weak euro as long as it's not inflationary which is not problem at this point.
Ivan, Not sure China is ready to load up yet.
Ashraf
May I request if we can post your articles (main) to Investing Contrarian http://www.investingcontrarian.com) for the benefit of our readers as well?
Goes without writing that all credits and links will point back to your site!!!
Thank you and much appreciated.
Fresbee
Very good work. Your work is impressive and amazingly accurate.
Since the cheaper Euro makes exports more competitive, and with Germany especially being such an export machine, how much countervailing pressure is there by industry groups to keep the Euro low in order to further improve the export performances?
Also, I have really noticed that occasionally silver trades like a precious metal/gold proxy, while most days the focus is on its industrial uses, and then it falls or rises with the broader market. Have you ever seen any repeatable and tradeable pattern vis-a-vis this back and forth focus from precious metal to industrial metal? It seems rather random to me, but with your years of experience perhaps there is some trick up your sleeve?