Lots of stops triggered below .8575 in the AUD/USD and the pair has fallen 40 pips very quickly. The inverted H&S that we’ve been following on the EUR/AUD is showing signs that it might complete and there was talk yesterday of heavy stops above 1.4250.
5 Responses to “AUD getting smashed”
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AUTOREFRESH 
Sean,
I expected a bounce from AUD/USD from .8575 so covered it early today. My short on Eur worked great today just covered it sold right at the top. (250 pips was good). On AUD whats are your targets from here. I cannot muster strength to sell at this point – probably will sell rallies, if any!!
Yeah, I feel the same George.. Dont have the confidence to sell at this stage…
ustralian wages growth slightly higher than expected in 1Q10, rising 0.9% vs 4Q09 (consensus for 0.8% rise); marks strongest quarterly growth since 4Q08. Data likely to add to concerns at RBA that inflation pressures building, perhaps helped along by workers seeking extra large pay hikes to compensate for pay freezes enforced during global financial crisis. Still, in annual terms, wages up 3.0%, below threshold that would immediately force RBA’s hand on interest rates. But it looks likely that low point in wage cycle was some time in late 2009; in 4Q09, wage grew by a more sedate 0.6% over quarter.
So I guess the massive up move was all those stops being triggered. Could this be a great area to reshort the eur/aud??
The australian dollar continues to fall but i expect it will bounce back again soon. What do you think..? Why is it dropping so quick today..?