Watching Aussie Dollar as a Leader
- Posted by JC Parets
- on December 21st, 2012
With equity markets around the world vulnerable for a correction, the Australian Dollar is probably a good place to start looking for leadership. Over the last couple of years, breakdowns in the Aussie have led to weakness in the S&P500. Today we’re looking at a chart of the $AUDUSD breaking support from an uptrend line of closing prices from the June lows (Click Chart to Embiggen)
Chris Kimble of Kimble Charting Solutions does a nice job here of showing how the Aussie Dollar has been a solid leading indicator for US Equities. Although it appears to be breaking down, Kimble says, “One day does not make a trend, so keep a close eye on where the AU$ heads from here, because it could help you with portfolio construction in a big way!”
Make sure to follow Chris Kimble on Stocktwits @KimbleCharting
Source:
Keep An Eye on this World Leading Indicator (KimbleChartingSolutions)
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J.C. Parets is the Founder & President of Eagle Bay Capital, LLC. He earned the Chartered Market Technician designation (CMT) and is a member of the Market Technicians Association. More -
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