Correction - apologies for the sloppy typing. While having dinner the USD gets smashed by the EU. This could be a definite change in the guard with commodity prices falling with falling USD.
If the AU sets a new lower low (1.010 say), and a new lower high (1.016 say) then the patterns are breaking down. Otherwise, the trend remains up and .018 would get taken out.
I'm short AU from 1.018 until it gets broken. Commodity prices look like taking a hit.
Inverse H&S now in play for the USD, target is 72.5. Outside of this discussion, and why commodity prices might be about to take a hit, is the deflationary financial indicators (lower interest rate swaps) and falling high yeild funds.
EU is now acting as a standin currency of safety. We have a deflationary environment now I think and the USD might have been replaced.
AUD remains a commodity currency however, closely linked to commodity prices.
Correction - apologies for the sloppy typing. While having...
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