Queuing off the AUD/USD

I’m watching the AUD/USD closely.

My previous notes have said it should hold 0.63-0.64 region and for now that remains valid……until it doesn’t.

Buying the Aussie weakness is one my larger macro trade ideas (even versus EUR and GBP)

I don’t subscribe to calls for it to trade below 0.6000 although my view could change.

The case for 0.63-0.64 support holding is because the weekly downtrend is lacking strength.

Here are some charts showing the dance between the AUD/USD and i) Australian Inflation, ii) Iron Ore prices and iii) the S&P Goldman Sachs Commodity Index.

August 29, 2023

by Rob Zdravevski

rob@karriasset.com.au