Does the Aussie hold 64 cents?

Within today’s Australian trading day, the AUD/USD and the price of BHP have traded down to levels mentioned in my recent notes.

The Aussie is at the mid 0.64’s and BHP is 1 cent from A$43.35.

Iron Ore is also showing weakness.

Cheap Australia and commodities

Some commodities are playing tricks

Rio Tinto’s ASX listed stock has also visited the $105 level which I have published in separate client communication.

As per my recent note, where I am ‘warming to commodities’, the art will still be in the timing of the entry.

Commodity bullishness – illustrated

I see prices poised at these levels.

While on a daily basis, the AUD/USD is in its 7th consecutive day of losses, we could see a small bounce (which isn’t my bag)….I will yield towards waiting to see if my next (lower) target levels are visited, as I watch whether the strength in the current downward trends traverse from a daily timeframe into a weekly one.

August 16, 2023

by Rob Zdravevski

rob@karriasset.com.au