{"id":1945,"date":"2010-06-15T03:14:00","date_gmt":"2010-06-15T07:14:00","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=1945"},"modified":"2010-06-15T03:43:54","modified_gmt":"2010-06-15T07:43:54","slug":"australian-dollar-firming-resistance-looms","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2010\/06\/15\/australian-dollar-firming-resistance-looms\/","title":{"rendered":"Australian Dollar Firming But Resistance Looms"},"content":{"rendered":"<p><a href=\"http:\/\/drduru.com\/onetwentytwo\/2010\/05\/21\/no-more-love-for-australian-dollar\/\">I last wrote about the Australian dollar during its worst slide since the financial crisis<\/a>. At the time, I claimed that the slide was probably good for a short-term bounce, but the currency could easily go even lower given macroeconomic concerns. Since then, the Australian dollar has firmed up nicely and formed a potential &#8220;W-bottom&#8221; pattern against the U.S. dollar. On Monday, it even broke out above that pattern. (See chart below)<\/p>\n<p>These moves are definitely positive developments, but resistance looms overhead with a declining 50-day moving average (DMA) and a flattening 200DMA. A back and forth battle is sure to unfold as the Aussie dollar bounces between support and resistance. Depending on your style, this action will provide either many short-term trading opportunities and\/or a chance to slowly but steadily accumulate a position. My many reasons for preferring the Aussie dollar to the U.S. dollar remain intact (higher interest rates, more robust financial system, stronger economy, etc&#8230;), so I am inclined to accumulate a larger bullish position. A break of the W-bottom would likely stop me out of short-term positions (in forex trading) but also set up an opportunity to finally grow my core position in the ETF for the Australian dollar, FXA. For now, I am assuming this W-bottom will hold absent materially poor macroeconomic news, particularly out of China.<\/p>\n<p>The chart below summarizes the current set-up with a focus on the W-bottom. The moving averages are in blue and red lines. Click image for a larger view.<\/p>\n<p><center><br \/>\n<figure id=\"attachment_1946\" aria-describedby=\"caption-attachment-1946\" style=\"width: 290px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100614_AUDUSD.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100614_AUDUSD-300x184.jpg\" alt=\"The Australian dollar attempts to form support after a vicious sell-off\" title=\"The Australian dollar attempts to form support after a vicious sell-off\" width=\"300\" height=\"184\" class=\"size-medium wp-image-1946\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100614_AUDUSD-300x184.jpg 300w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100614_AUDUSD.jpg 657w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-1946\" class=\"wp-caption-text\">The Australian dollar attempts to form support after a vicious sell-off<\/figcaption><\/figure><br \/>\n<strong>Source: dailyfx.com charts (click for a larger view)<\/strong><br \/>\n<\/center><\/p>\n<p>Hopefully, the Australian dollar fares better than the Australian national soccer team &#8211; &#8220;The Socceroos&#8221; &#8211; did against Germany in the World Cup this weekend. An ugly 4-0 loss&#8230;a blow-out, a take-down, and sheer exhaustion and frustration&#8230;as summarized by the pics below:<\/p>\n<p><center><br \/>\n<figure id=\"attachment_1950\" aria-describedby=\"caption-attachment-1950\" style=\"width: 515px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100613_Socceroos02.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100613_Socceroos02.jpg\" alt=\"A nice header for the second goal\" title=\"A nice header for the second goal\" width=\"525\" height=\"359\" class=\"size-full wp-image-1950\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100613_Socceroos02.jpg 525w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100613_Socceroos02-300x205.jpg 300w\" sizes=\"auto, (max-width: 525px) 100vw, 525px\" \/><\/a><figcaption id=\"caption-attachment-1950\" class=\"wp-caption-text\">A nice header for the second goal<\/figcaption><\/figure><br \/>\n<br \/>\n<figure id=\"attachment_1951\" aria-describedby=\"caption-attachment-1951\" style=\"width: 515px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100613_Socceroos01.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100613_Socceroos01.jpg\" alt=\"Take down\" title=\"Take down\" width=\"525\" height=\"365\" class=\"size-full wp-image-1951\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100613_Socceroos01.jpg 525w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100613_Socceroos01-300x208.jpg 300w\" sizes=\"auto, (max-width: 525px) 100vw, 525px\" \/><\/a><figcaption id=\"caption-attachment-1951\" class=\"wp-caption-text\">Take down<\/figcaption><\/figure><br \/>\n<br \/>\n<figure id=\"attachment_1952\" aria-describedby=\"caption-attachment-1952\" style=\"width: 413px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100613_Socceroos03.jpg\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100613_Socceroos03.jpg\" alt=\"Barely energy left to go home...\" title=\"Barely energy left to go home...\" width=\"423\" height=\"444\" class=\"size-full wp-image-1952\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100613_Socceroos03.jpg 423w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2010\/06\/100613_Socceroos03-285x300.jpg 285w\" sizes=\"auto, (max-width: 423px) 100vw, 423px\" \/><\/a><figcaption id=\"caption-attachment-1952\" class=\"wp-caption-text\">Barely energy left to go home...<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.zimbio.com\">Zimbio<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>Be careful out there!<\/p>\n<p>Full disclosure: long FXA, AUD\/USD<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I last wrote about the Australian dollar during its worst slide since the financial crisis. At the time, I claimed that the slide was probably good for a short-term bounce, but the currency could easily go even lower given macroeconomic concerns. Since then, the Australian dollar has firmed up nicely and formed a potential &#8220;W-bottom&#8221; &#8230; <a title=\"Australian Dollar Firming But Resistance Looms\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2010\/06\/15\/australian-dollar-firming-resistance-looms\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[20,62],"tags":[308,307,310,309],"class_list":["post-1945","post","type-post","status-publish","format-standard","hentry","category-forex","category-technical-analysis","tag-audusd","tag-aussie-dollar","tag-australian-dollar","tag-fxa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Australian Dollar Firming But Resistance Looms - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2010\/06\/15\/australian-dollar-firming-resistance-looms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian Dollar Firming But Resistance Looms - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"I last wrote about the Australian dollar during its worst slide since the financial crisis. 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