Fundamentals are not that good for Australia. Westpac Consumer sentiment dropped, Iron ore at September 2012 lows, China is not importing that much. We have the premises, just have to wait a bit longer for the confirmation.
The level I above mentioned was a level where the price had stablished for a while on a low TF, but it is not a strong resistence at all...
The high Aussi interest rate seem to be staying here for the next year, do you think we are going to resume the up trend and this is just an overreaction to the NFP's or the latest Aussi comments had woke up the bears?
Do you think that the double part of the double top
having been 52 pips short of the previous high signals
greater weakness now and once the neckline is broken or
that it has now stored up strength, not having reached as high,
for a double/triple bottom
and then a move to new highs ?
Thanks for your thoughts !!!!!