What’s up? Aussie, aussie, aussie, oi oi oi
September 30, 2008 – 10:47 amSo, the House decided not to save the rich-men World. Dow index collapsed 777 points. Gold rallies now. But, where is Aussie dollar going? Decoupling from Gold movement? Australia is one of the largest gold exporters. Of course, this doesn’t guarantee the prosperity of australian dollar.
But, what exactly is the problem of Australia economy? OK,It stalls now. Well, some banks have some shitty involvements in America. Economic figures are not signaling disaster at the moment. There might be some shitty underneath, but, at the moment, I see this as panic selling. And I for one, do not believe in USD rally.
Technically, we are still sitting on the weekly support line. With support of the Gold. I am putting a small long position of Aussie dollar now. As usual I can be very very wrong, but I want the market to prove me wrong.
From the desk of Tradergav.com
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Tags: AUDUSD, FX, Trading Journal
Trader Gav,
I agree with your assessment of the USD, and also Gold longer term.
The AUD too, I have to admit, just looks totally exhausted. I would like to see some news come out to see the reaction of price to give me a more heads up