Commodity currencies are being sold off once again ahead of the weekend with a looming double-dip undermining sentiment.
AUD has given back all its earlier gains and has in fact put in a double top, my favorite pattern, on the short-term charts. From the double-tops at 0.8490, a move through the 0.8425 intervening low has opened the way for a measured-move objective of 0.8360. (Past performance is no guarantee…).
Kiwi was the subject of very heavy selling out of New York around midday while USD/CAD is underpinned. We are getting back toward the 1.07/1.08 area where China has been a CAD buyer on past rallies, for what its worth…
