Heard some interesting comments from an aussie in London who talks regualy on ABC's News Radio early in the morning.
He mentioned that the Reserve Bank has been buying the aussie since Friday but was hesitant to say "support".
I think what he was suggesting was that whilst the Reserve may be a buyer, amongst a lot of sellers, this area of buying, {low 60's} is not so much about trying to "prop up" the aussie, but more about being an influence on the buy side.
So I wonder if the Reserve are really trying to prevent a move below .60?
Perhaps not but it seems to be holding and going sideways a bit however I have no doubt in my mind that we still have some more selling to go and some further down side.
As I have posted before imo .50 to .55 could signal a BUY position and go long.
Any further movement below .60 will need to be watched very carefully though as that upward movement from that level could occur at any stage.
Interesting stuff.
BTW Euro to weaken against the US and parity very soon.
