That looks like a pretty tight head-and-shoulders top on the Aussie battler. The neckline is already busted and its along way down to the waste.
For extra frisson, have a look where it was trading during the last bout of European debt woes in May.
Time to buy those $US travelers cheques...
Though you didn't hear it here, because this blog doesn't offer investment advice.
It's just as well because at the rate of decline we're seeing in manufacturing, pretty soon it'll be hard hats all around. The PMI slumped again last month:
God knows how you can have an economy with record business investment and manufacturing in terminal decline, but somehow we're managing it.
6 comments:
Don't be so sure. Our compatriot and Wikileaker, is planning to take out a US banks early next year.
http://blogs.forbes.com/andygreenberg/2010/11/29/exclusive-wikileaks-will-unveil-major-bank-scandal/
i.e. if the interpol does not get to him first.
http://edition.cnn.com/2010/WORLD/europe/11/30/sweden.interpol.assange/
"God knows how you can have an economy with record business investment and manufacturing in terminal decline, but somehow we're managing it."
Forgive me for being a lazy ass and not digging some numbers up myself, but has anyone charted where all this business investment is flowing to? Manufacturing is in terminal decline and almost every export industry except for selling dirt is suffering from a nasty case of Dutch Disease along with our post-tariff staples of retail, hospitality and tourism. So who's investing all this cash, and where?
Adam Carr says the economy is going gangbusters...
The first thing we need to understand is what this data isn't telling us. It isn't telling us that the Australian economy is slowing under the weight of tight monetary policy and any suggestion that it is, is simply wrong: outrageous even.
Outrageous!
Always interesting, and again, thanks.
I would stick to commenting on Australia's miracle economy and leave currency forecasting on the sidelines.
AUS/USD riding equities for 18 months or so (Esp US+BRIC SXs), EUR/USD could have turned the corner, until the FED stop their tremendous overnight futures moves in the SP 500, (propping up openings) and we see a massive worldwide event I do not believe the AUD is at the brink.
Fair enough. UBS disagrees with you.
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