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The Aussie Dollar Revisited

Currencies / Forex Trading Jun 07, 2007 - 10:48 AM GMT

By: Mario_Innecco

Currencies

Three months ago we wrote about the fact that the Aussie dollar had broken through a key technical level in an article entitled Is the Aussie Dollar Ready to Take a Big Hop? . Today as we write the currency from down under is making a seventeen-year high at $0.8476. The 1990 high was at $0.8405 and the next big target will be the 1989 high at $0.8905.


On April 10th we noted that the Aussie dollar had recently broken through the the top of a Teacup and handle formation at $0.81. At the time Aussie was trading around $0.82 and we mentioned that our long term, or twelve to eighteen month, target was $1.1280! We maintain the long term target and we thought it woul be useful to update our readers as to the progress of the Australian currency.

Below we have attached a four-year chart showing we have recently broken through a recent high at $0.8392 and as can be seen we are also clearly past the $0.84 barrier.

The Aussie chart

Chart courtesy of Bloomberg

By Mario Innecco
ForSoundMoney.com

At ForSoundMoney we stand for a hard currency. We believe in a monetary system based on commodity money and a free-market banking system where central banks are non-existant.


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