Aussie: A Turnaround Soon?
Halal Traders | Feb 13, 2016 11:53PM ET
As forecasted in our July 20, 2015 article, buying interest emerged around 0.7250 and Aussie was bid for two weeks, to as high as 0.7435 before it plunged again, to as low as 0.69 handle. Since then it has been ranging, before it hit a new low of 0.6825 earlier this year. Of the 40 institutions surveyed, only Nordea and UniCredit expect Aussie to appreciate this year. HalalTraders believe the Aussie will benefit from the increased demand in gold, and expected dollar weakness as market is pricing no rate hike from US Feds this year.
Looking at the chart, any upside is capped by the downtrend daily and weekly, but further gains could not be ignored especially when price closed above those down trendlines. HalalTraders look forward to deploying our range strategy, until evidence of a new uptrend develop on the daily.
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