{"id":20179,"date":"2013-10-25T06:24:29","date_gmt":"2013-10-25T13:24:29","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=20179"},"modified":"2013-10-25T06:24:29","modified_gmt":"2013-10-25T13:24:29","slug":"failed-breakouts-provide-buying-opportunity-in-the-australian-dollar","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2013\/10\/25\/failed-breakouts-provide-buying-opportunity-in-the-australian-dollar\/","title":{"rendered":"Failed Breakouts Provide Buying Opportunity in the Australian Dollar"},"content":{"rendered":"<p><strong>(This is an excerpt from an article I originally published on Seeking Alpha on October 25, 2013. <a href=\"http:\/\/seekingalpha.com\/article\/1773032-failed-breakouts-provide-buying-opportunity-in-the-australian-dollar\" target=\"_blank\">Click here to read the entire piece<\/a>.)<\/strong><\/p>\n<p>Ever since <a href=\"http:\/\/blogs.marketwatch.com\/thetell\/2013\/10\/23\/what-to-make-of-chinas-bank-debt-write-offs-money-market-rates\/\" target=\"_blank\">news of Chinese banks making massive write-offs and a parallel spike in China money rates<\/a> stoked renewed fears over the Chinese financial system, the Australian dollar (FXA) has pared recent gains. I have used this opportunity to switch out of a net short to a small (I remain wary!) net long position as I indicated in <a href=\"http:\/\/seekingalpha.com\/article\/1756072-the-australian-dollar-emerges-a-big-winner-from-u-s-fiscal-fiddling\" target=\"_blank\">the last post on the Australian dollar<\/a>. Interestingly, futures traders are looking past the latest churn in China financial news and seem more focused on <a href=\"http:\/\/www.dailyfx.com\/calendar?tz=-7&#038;sort=date&#038;week=2013%2F1020&#038;eur=true&#038;usd=true&#038;jpy=true&#038;gbp=true&#038;chf=true&#038;aud=true&#038;cad=true&#038;nzd=true&#038;cny=true&#038;high=true&#038;medium=true&#038;low=true\" target=\"_blank\">the slightly hotter than expected inflation numbers in Australia<\/a>.<\/p>\n<p>{snip}<\/p>\n<p><center><br \/>\n<figure id=\"attachment_20180\" aria-describedby=\"caption-attachment-20180\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/10\/131025_AUDUSD.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/10\/131025_AUDUSD.png\" alt=\"Australian dollar swings downward for the weak despite strong inflation numbers\" width=\"550\" height=\"375\" class=\"size-full wp-image-20180\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/10\/131025_AUDUSD.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/10\/131025_AUDUSD-300x204.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-20180\" class=\"wp-caption-text\">Australian dollar swings downward for the weak despite strong inflation numbers<\/figcaption><\/figure><br \/>\n<\/center><\/p>\n<p>{snip}<\/p>\n<p><center><br \/>\n<figure id=\"attachment_20183\" aria-describedby=\"caption-attachment-20183\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/10\/131025_AUDUSD-daily.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/10\/131025_AUDUSD-daily.png\" alt=\"While the breakout above the 200-day moving average (DMA) looks much weaker, the Aussie remains in a strong uptrend from the W-bottom\" width=\"550\" height=\"370\" class=\"size-full wp-image-20183\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/10\/131025_AUDUSD-daily.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/10\/131025_AUDUSD-daily-300x201.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-20183\" class=\"wp-caption-text\">While the breakout above the 200-day moving average (DMA) looks much weaker, the Aussie remains in a strong uptrend from the W-bottom<\/figcaption><\/figure><\/p>\n<p><figure id=\"attachment_20182\" aria-describedby=\"caption-attachment-20182\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/10\/131025_AUDJPY.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/10\/131025_AUDJPY.png\" alt=\"The Aussie&#039;s second breakout attempt against the Japanese yen fails to follow through. Important test of 50DMA likely coming up\" width=\"550\" height=\"370\" class=\"size-full wp-image-20182\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/10\/131025_AUDJPY.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2013\/10\/131025_AUDJPY-300x201.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-20182\" class=\"wp-caption-text\">The Aussie&#8217;s second breakout attempt against the Japanese yen fails to follow through. Important test of 50DMA likely coming up<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.freestockcharts.com\/\" target=\"_blank\">FreeStockCharts.com<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>{snip}<\/p>\n<p>Be careful out there!<\/p>\n<p><strong>(This is an excerpt from an article I originally published on Seeking Alpha on October 25, 2013. <a href=\"http:\/\/seekingalpha.com\/article\/1773032-failed-breakouts-provide-buying-opportunity-in-the-australian-dollar\" target=\"_blank\">Click here to read the entire piece<\/a>.)<\/strong><\/p>\n<p>Full disclosure: net long Australian dollar<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(This is an excerpt from an article I originally published on Seeking Alpha on October 25, 2013. Click here to read the entire piece.) Ever since news of Chinese banks making massive write-offs and a parallel spike in China money rates stoked renewed fears over the Chinese financial system, the Australian dollar (FXA) has pared &#8230; <a title=\"Failed Breakouts Provide Buying Opportunity in the Australian Dollar\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2013\/10\/25\/failed-breakouts-provide-buying-opportunity-in-the-australian-dollar\/\">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":[386,4,59,20],"tags":[308,310,116,309,1598,60,448],"class_list":["post-20179","post","type-post","status-publish","format-standard","hentry","category-australia","category-china","category-economy","category-forex","tag-audusd","tag-australian-dollar","tag-cpi","tag-fxa","tag-inflation","tag-interest-rate","tag-rydex-currencyshares-australian-dollar-trust-etf"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Failed Breakouts Provide Buying Opportunity in the Australian Dollar - 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\/2013\/10\/25\/failed-breakouts-provide-buying-opportunity-in-the-australian-dollar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Failed Breakouts Provide Buying Opportunity in the Australian Dollar - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"(This is an excerpt from an article I originally published on Seeking Alpha on October 25, 2013. 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