Australian Dollar special report
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AUD Rejects 80 cents
Wed, Sep 10 2008, 08:04 GMT
by Clifford Bennett
FxMax
The Australian dollar has now had everything thrown at it.
Gold has been far more heavily sold off over the last 24 hours than I expected, and with the Yen firm, people have been selling the AUD on the back of carry trade unwinding as well. With the previous days premature US dollar euphoria over the twin FM salvage attempt also priced in, and not to mention the AUD bulls, well there is moi!, having been sidelined after the failed rally on Monday, it was all against the Aussie going into last night.
The point, everyone who wants to sell AUD has, and everyone who needs to buy AUD has not, a powerful buy AUD proposition in its own right. Then there is also the powerful fundamental story, yes that’s right, powerfully bullish fundamentals!
It may once again be the bulls turn.
The AUD could move back to 88 cents in a matter of weeks.
Published on
Wed, Sep 10 2008, 08:06 GMT
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