Now, AUD/USD is full

In late August 2023, I wrote that the AUD/USD should hold the 0.63/0.64 mark…..and that I didn’t believe the pundits calls back then that it would trade to 60 cents.

It’s lowest weekly closing price was 0.6295.

Queuing off the AUD/USD

4 months later, the AUDUSD is now trading at 0.6870 which is 2.5 standard deviations above its weekly mean.

If the strength of the current uptrend wanes, the AUD/USD will lose steam between its current price and 0.70000.

It’s good enough. So far, this has been a 9% move within those 4 months.

Also likely to hamper its progress {sic} will include those same ‘wealth management’ pundits prediction of a 75 cents price.

This advance in the AUD (versus the USD) had a corollary to the ‘risk-on’ feeling that markets exhibited.

It’s pending exhaustion will have the opposite.

December 29, 2023

by Rob Zdravevski

rob@karriasset.com.au