A$ 1 = US$ 0.58 and still downwardly mobile

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A$ 1 = US$ 0.58 and still downwardly mobile

Postby Squire » 19 Mar 2020, 08:28

The A$ hit a low of US$ 0.5705 overnight before rising to US$ 0.58.

The next support points appear to be 0.5465 and 0.5237

The all-time high was US$1.4885 in the Whitlam era.

https://www.dailyfx.com/forex/market_alert/2020/03/18/AUDUSD-Price-Forecast-Aussie-Falls-to-17-Year-Lows-Wheres-the-Bottom.html

...Consequently, technicians will have to turn to price action in the early 2000’s when AUD/USD traded near its all-time low of 0.4745. Despite hints that sentiment had improved, and risk appetite may return, it seems investors remain apprehensive about the standing of commodities and commodity-sensitive currencies like the Australian Dollar, Canadian Dollar and Norwegian Krone. ...

... Not to be outdone, however, the British Pound also experienced a loss of gravity Wednesday in a sign Dollar-denominated liquidity was at a premium. Whatever the driving factor going forward may be, the debilitating drop in crude oil prices and other commodities will remain a significant headwind for the corresponding currencies and could see AUD/USD weakness continue. Therefore, potential support around 0.5465 and 0.5237 may come into play. Further still, IG Client Sentiment Data reveals retail traders are confident AUD/USD is destined higher, a sign weakness may in fact persist. With few reasons to suggest the Aussie has bottomed, it would be imprudent to propose the Aussie’s standing will substantially improve until there is a material improvement in sentiment in the broader market. ...
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Re: A$ 1 = US$ 0.58 and still downwardly mobile

Postby Squire » 19 Mar 2020, 14:26

Dipped to US$ 0.55 before drifting up a little to 0.56.
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Re: A$ 1 = US$ 0.58 and still downwardly mobile

Postby HBS Guy » 19 Mar 2020, 15:42

Great time to start up a manufacturing enterprise, undercut imported goods.
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Re: A$ 1 = US$ 0.58 and still downwardly mobile

Postby DreamRyderX » 19 Mar 2020, 16:25

Being that more than 90% of my income stream consists of funds based on the $USD, if the $AUD drops to $ .50 USD, my regular income will virtually double when issued every month that the $AUD remains at that level. :PC
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Re: A$ 1 = US$ 0.58 and still downwardly mobile

Postby DreamRyderX » 20 Mar 2020, 06:54

..


..............................................$1.00 AUD = $.554 USD
.................................................................................................Image









..
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Re: A$ 1 = US$ 0.58 and still downwardly mobile

Postby DreamRyderX » 20 Mar 2020, 07:24

HBS Guy wrote:Great time to start up a manufacturing enterprise, undercut imported goods.


Sounds like a promising enterprise, providing you aren't under a binding contract to sell all your natural resources, used to make those goods, to the competitor you wish to compete with..... Image..Image



..
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