Aussie can't catch a breakAustralian Dollar vs US DollarBLUEBERRY:AUDUSDBlueberryWe discussed the importance of the AUDUSD consolidating gains earlier last month. The price action over the past couple of weeks, despite the RBA moving rates higher and the Fed remaining on hold, doesn't give us too much comfort. The market isn't convinced by the Australian dollars exposure to commodities, or the recent rate hikes indicating a strong economy. They're pricing in weakness from an economic slowdown next year. Bond yields are also starting to reflect caution after the US mid term elections. With that in mind, its important to see the chart for what it is - a very weak and unconvicing rally above US$0.70 where recent gains are unlikely to hold. We could see some more downside towards the US$0.66 levels before consolidation and another leg higher. We don't think the Aussie is expensive here, long term fundamentals are solid. But the charts are pointing bearish in the near term. The forecasts provided herein are intended for informational purposes only and should not be construed as guarantees of future performance. This is an example only to enhance a consumer's understanding of the strategy being described above and is not to be taken as Blueberry Markets providing personal advice.