The Aussie is Rocketing to 80 Cents: Quick Long!
Construction data out of Australia came in better than expected and that has helped lift the Aussie, with us nearly touching the 80 cent mark. Only two hours ago I suggested that we would be looking at a test of that level, however I wasn’t expecting it to be in todays Asian session.
So I think we will be getting a full break of that level in the very near future. So it might be worth looking for a quick long entry and a run through the highs with an exit on the other side of 80 cents.
Long Term Plan
Longer term I just can’t see us maintain this level. The RBA are thoroughly unimpressed with prices at these levels.They hurt Australian exports, which make up a large portion of the Aussie economy from both agriculture and mining.
Generally the RBA love to do some jawboning and every chance they get they talk it down.
If you’re looking for a longer term play – I’d be keen to short above 80 cents targeting a move below 75 cents by years end which is more in keeping with its fair value.
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