As also pointed out by reader ExpatWatcher, Citi noted that alongside the 200 dma we have a descending trendline from April 2013 converging with the 200 dma 0.9147/50 are the lines in the sand and they say a break above will open the door to a run to 0.9500.
AUD/USD daily chart 19 03 2014
The Aussie is still in a bit of limbo at the moment and is just as open to falling back towards 0.8900 as it is to breaking up through 0.9200, but my gut feeling is we see the downside again before we get a decent break up. The RBA is neutral and Chinese worries will have to intensify for the aussie to take more note which, as pointed out by Zerohedge and their Chinese housing starts chart, maybe something that’s just around the corner.
Ugly personified
