Very dovish BOJ on the back of Kuroda's speech in Jackson Hole re: further monetary easing and positive carry make this a strong candidate for a long. The Australian economy is in a good position to weather the difficult global economy due to its strong trade relationship with China, a responsible central bank
, and vast amounts of natural resources. With a base rate of 2.5 pct, the yield alone is attractive in terms of capital appreciation. Technically, we've broken out of five months of consolidation (96.40) and have found support just above that level on a few occasions since the break. I have gone long here at 96.70 looking for a move to 98 in the short term and 100 before year end.