200 SMA happens to coincide with a significant previous resistance level of 1223.1
Given current positioning in equity markets we could see a significant upside move in a risk off environment.
I favour upside breaks given DXY weakness.
Holding a JUN 15 straddle @ 112
Recent short closed at previous resistance.
A triple bottom and weak US data provided strong encouragement for the Aussie bulls.
But I still find it hard to get exited when you see such a clear rejection of 80c.
Fundamentally there is not much value left in the ASX and our economy is still heading downhill.