A/U climbing out strongly from its low last Friday week, with equities cruising near low into Tuesday eve before bolting upwards with NDX leading the way, text book stuff.
Main trends reached for equities were supports for both NDX and Rus2K on Monday, along with Ftse before their holiday close on Friday.
Commodities staging gradual recovery, however Cu hasn't placed a clean low as last August & certainly October. Rallied up from 324 support at 200wma, to 343 res at Dec08-Oct11 trend on China rate trim, to then sell on non QE3. Could be range bound between the two levels, but watching for break below as XMJ indicates.
Oil also placing higher low late during week, and could rise to ~90 at Feb09-Aug11 res, but again expecting weakness as hinted at by XEJ.
Equities seems supportive for AUD in MT, but commodity weakness could keep it in check.
Quick daily chart:
AUD
unknown
equity v commods
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