Yes hedge fund buying and money coming back in from offshore on lows of the AUD. A double whammy bonus for big guys offshore sold up near $40 swapped back to USD, then flipped to AUD after fall and back into NCM and other stocks.
Guy who used to write my newsletters was short at 1.11 area and discussed this with him at about 1.06 on the bounce. Two clear levels of resistance at the time 1.06 and 1.08. Hit 1.08 before smashed down to his 96ish area target.
He was head of interest rates and Fx for the BofA at one stage in a brilliant career. An Aussie we can be proud of left BofA long ago.
This is the end of that trade as stated above - AUD back on the rise and don't expect more falls in the near term to that degree as Europe plans to debase the Euro. The Euro will be the first to fall in time make no mistake.
DYOR - do not trade on this Fx comment - it's just for general discussion and i am not an Fx trader. Best regards, CW
NCM Price at posting:
$35.54 Sentiment: LT Buy Disclosure: Held
