daytrading sept 22 morning, page-69

AUD is a big problem for our market in the medium term, consensus from global instos is now for the AUD/USD exchange rate to fall to around 89-90c in the next 6-12 months if not sooner, this is a big reverse from targets only 3 months ago of a rate of $1.10-$1.15

global instos have walked away from our markets because they don't want to get possibly stung twice from both a falling AUD and also a falling market, they will need to see the AUD stabilise at levels closer to 89-90c before taking any decent sized positions again.

looks like we are on track for the lowest close on the XJO since july 2009.

global markets still in death by a thousand cuts mode, although we are still seeing falls, where is the panic/capitulation required to put a decent tradeable bottom in.

needless to say to be cautious at the spec end, sentiment obviously very poor when good announcements are met with profit taking.

hope everyone is staying safe, IMO there will be a great entry point on the horizon but we need that final wave of fear/capitulation to clean out the last of the weak holders, what level that ultimately is, no-one knows for certain, but those experienced market observers will know when it presents itself.