AUSTRALIA FOCUS : STILL THE BEST PLACE TO LIVE
Yes, we know that the Koala is a BEAR but at least investors are having second thoughts this week as far as the AUDUSD is concerned anyway.
We are closing on a gravestone doji for the weekly candlestick chart.
I say this is not bad for a currency that has lost against nearly all currencies except for the Russian Ruble, Brazilian Real and Chilean Peso this month.
At least bonds should have bolstered returns or buffered losses and the stock market would have covered losses.
And every major Australian city except Brisbane is in the top 10 places to live in the world list. https://www.gfmag.com/global-data/non-economic-data/best-cities-to-live
The mining industry continues to be battered in the meantime and I just read that it takes 5 bar tenders to replace a single miner in the GDP numbers which is a shame. Aussie banks have repriced investment property loans for residential property (credit positive) and BHP has come out to slash jobs as well.
The outlook remains bearish as we head into RBA next week on Aug 4 (1230 PM SG TIME) and expectations are for NO CUT since the market has done a fine job of bring the fx rate to their last known target of 0.75 against the USD in Dec 2014. https://tradehaven.net/market/fx/australia-focus-not-all-is-lost/
I think there is a small case for a doji-induced uptick, don’t you think ?
Leaving with the indicative prices.