Oh crap. That’s the term I used the most last week. :lol:. Man, Aussie dollar was breaking down again and again. It broke my 0.93 support, and now trading below 0.90. Holy smoke… 😆
I did not make money from shorting Aussie dollar last week. The excuse I am going to use is…I was darn busy with my day job. What a crappy excuse, isn’t it? 🙂 .. Nah, the fact is , my trading style tends to hold the position for a longer period, and negative interest position is not a good idea for me. So, I would rather stay away from the market.
Is next week a good time to short Aussie? I don’t think so. Well, at least I am not doing that. We have RBA monetary policy statement coming. But, don’t you think the on plate interest rate cut has already been priced in? Expect a volatile week, I am not trading. I would rather spend my time watching Olympics Games.
Here is the…..CHART!
Here is the ETF ,CurrencyShares Australian Dollar Trust (FXA)
Chart is generated by Tradecision.