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Browse > Home / All, Americas, Mkt Talk, Regions / Rumors Aussie mining tax to be dropped boosting AUD

Rumors Aussie mining tax to be dropped boosting AUD

By   || May 26, 2010 at 14:39 GMT
|| 14 comments || Add comment

Traders note talk making the rounds that the proposed Australian mining profits tax of 40% may be dropped.

Prices have have shot up to 0.8377 after breaking through resistance at 0.8365.

Technically, the AUD looks like it could be putting in a major bottom if we can maintain levels above 0.8375.

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Category: All, Americas, Mkt Talk, Regions
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14 Responses to “Rumors Aussie mining tax to be dropped boosting AUD”

  1. Jy on May 26th, 2010 14:43 GMT

    2 nice bullish 5 minute candle breaking a 0.618 fibo.. I’M IN!!!!

  2. david on May 26th, 2010 14:44 GMT

    Thanks for the very timely info Jamie. I was wondering why the AUD/JPY jumped through that resistance around 75.60… and turned to ForexLive!

  3. Iman on May 26th, 2010 14:48 GMT

    Yeah, Very Timely…CAD has also moved sharpish and USD/CAD dropped a quick 60 points.

  4. Bear on May 26th, 2010 14:49 GMT

    http://www.theaustralian.com.au/politics/kevin-rudd-to-backflip-on-mining-tax-rate/story-e6frgczf-1225871786155

  5. Fluffy Fox on May 26th, 2010 14:52 GMT

    No mining tax? I hope they haven’t got a big deficit to cover! ;)

  6. trader on May 26th, 2010 14:54 GMT

    Nice. Took a short at it.

  7. david on May 26th, 2010 14:57 GMT

    whoops, slipped back… ah well.

  8. trader on May 26th, 2010 15:02 GMT

    covered for 50 pips. Thank you speculators.

  9. Fluffy Fox on May 26th, 2010 15:03 GMT

    Jamie, this volatility is getting worse, and personally I think a lot of it is related to the perceived over-valuation of US stocks. Have you heard any common agreement over the floor on which this stocks may land. My own calculations end up at Dow 8,900. But I heard some crazy stories about Dow 5,000 (which I don’t believe – currently). Thanks.

  10. Sid on May 26th, 2010 15:04 GMT

    wow…this volatility is crazy…

  11. Giles on May 26th, 2010 15:04 GMT

    Got a working seel order filled at .8350…nice!

  12. hart on May 26th, 2010 15:13 GMT

    Nicely done trader did pretty well aud/jpy myself, on that move.

  13. Jamie Coleman on May 26th, 2010 15:14 GMT

    Fluffy, I look at the S&P…stocks not particularly overvalued on a PE basis, think they are pretty fairly valued right now, assuming earnings don’t crater.
    Seems as though people assume 666 was fairly valued and 1100 is not…I’m the other way around…they were dirt cheap at the lows and are merely reverting to typical valuation levels around here…

  14. trader on May 26th, 2010 16:10 GMT

    AUD feels heavy as the earlier buyers become sellers. Poor momo chasers.

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