Description
⋅ Strong resistance has held see related charts posted earlier.
We have re-entered a short term downtrend. (Already in a long/medium term downtrend)
This rally is not caused by strong Aussie dollar but is kept high by the actions of other central banks.
Key thoughts
1) Jobless rate has hit a 12-year high of 6.4 per cent last month.
2) Key commodity prices fall to multi-year lows, and look set to remain low.Iron ore drops to fresh six-year low.
3) China's economy continues to be weak.
the trade seems more promising if you look at the W1 chart.