{"id":15335,"date":"2017-05-23T20:57:39","date_gmt":"2017-05-24T00:57:39","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=15335"},"modified":"2017-05-23T20:57:39","modified_gmt":"2017-05-24T00:57:39","slug":"aussie-meets-resistance","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2017\/05\/23\/aussie-meets-resistance\/","title":{"rendered":"Aussie meets resistance"},"content":{"rendered":"<p>The Aussie Dollar met resistance at the former support level of 75 US cents, with a tall shadow on Tuesday&#8217;s <a href=\"https:\/\/www.incrediblecharts.com\/candlestick_patterns\/candlestick-patterns.php#candlestick_shooting_star\">shooting star candlestick pattern<\/a>. Respect of resistance is likely and would warn of another test of support at 73.50. Breach of support would offer a target of 72, putting pressure on ASX stocks as international investors retreat.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"AUDUSD\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-05-24-audusd.png?w=525&#038;ssl=1\" alt=\"AUDUSD\" \/><\/p>\n<p>The Aussie tends to take its direction from commodities. At present iron ore displays a weak rally that coincides with the rally on AUDUSD. Reversal through support at 60 is likely, and would warn of a decline to 50.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"Iron Ore\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-05-24-tr.png?w=525&#038;ssl=1\" alt=\"Iron Ore\" \/><\/p>\n<p>Broad commodity indexes like the DJ-UBS Commodity Index are consolidating in a rectangle, between 82 and 90 on the chart below. Commodities have been trending lower since 2011, as shown <a href=\"https:\/\/goldstocksforex.com\/2017\/05\/22\/australia-lean-years-ahead\/\">yesterday<\/a>. Breakout above 90 is unlikely but would signal a primary up-trend. Breach of support is more likely and would indicate a decline to test support at the January 2016 low, between 72 and 74.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" title=\"DJ-UBS Commodity Index\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2017\/2017-05-24-dubs.png?w=525&#038;ssl=1\" alt=\"DJ-UBS Commodity Index\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Aussie Dollar met resistance at the former support level of 75 US cents, with a tall shadow on Tuesday&#8217;s shooting star candlestick pattern. Respect of resistance is likely and would warn of another test of support at 73.50. Breach of support would offer a target of 72, putting pressure on ASX stocks as international &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2017\/05\/23\/aussie-meets-resistance\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Aussie meets resistance&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,43],"tags":[284,287,1064,1902],"class_list":["post-15335","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-commodities-gold-commodities","tag-audusd","tag-aussie-dollar","tag-dj-ubs-commodity-index","tag-iron-ore"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Aussie meets resistance - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Aussie meets resistance - the patient investor\" \/>\n<meta property=\"og:description\" content=\"The Aussie Dollar met resistance at the former support level of 75 US cents, with a tall shadow on Tuesday&#8217;s shooting star candlestick pattern. Respect of resistance is likely and would warn of another test of support at 73.50. 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And the broader DJ-UBS Commodity Index is testing support at 82. Breach would signal a decline to test the 2015 low at 74. But the Aussie Dollar rallied Friday, the large engulfing candle suggesting another test of resistance at 75 US cents. Miners finished strongly, with\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":16656,"url":"https:\/\/thepatientinvestor.com\/index.php\/2018\/07\/14\/trade-tariff-impact-on-china-australia\/","url_meta":{"origin":15335,"position":1},"title":"Trade tariff impact on China &#038; Australia","author":"Colin Twiggs","date":"July 14, 2018","format":false,"excerpt":"The yuan is falling as threat of a tariff war rises. The Shanghai Composite Index is testing its 2016 low at 2700. Breach would warn of a decline to the 2014 low at 2000. Commodity prices are plunging in anticipation of falling demand from China. Chinese monthly iron ore imports\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19713,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/02\/01\/asx-resources-and-aussie-dollar-take-a-beating\/","url_meta":{"origin":15335,"position":2},"title":"ASX Resources and Aussie Dollar take a beating","author":"Colin Twiggs","date":"February 1, 2020","format":false,"excerpt":"The ASX 300 Metals & Mining index took a beating as concerns about coronavirus impact on Chinese imports soared. Breach of support at 4450 is likely and would warn of a test of primary support at 4100. Iron ore reaction is more muted but bulk commodities, especially iron ore and\u2026","rel":"","context":"In &quot;Aussie dollar&quot;","block_context":{"text":"Aussie dollar","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/forex\/aussie-dollar\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1160,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/10\/05\/commodities-drag-aussie-dollar-and-loonie-lower\/","url_meta":{"origin":15335,"position":3},"title":"Commodities drag Aussie Dollar and Loonie lower","author":"ColinTwiggs","date":"October 5, 2011","format":false,"excerpt":"Apologies. I messed up the links at the bottom of the Trading Diary newsletter. For the correct link click here. Correct links are also available on the Trading Diary web page and under Recent Posts in the right margin of this page. Falling commodity prices have started a primary down-trend\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":719,"url":"https:\/\/thepatientinvestor.com\/index.php\/2011\/09\/08\/aussie-dollar-weakens\/","url_meta":{"origin":15335,"position":4},"title":"Aussie Dollar weakens","author":"ColinTwiggs","date":"September 8, 2011","format":false,"excerpt":"The Aussie Dollar is testing support at $1.045 against the greenback; failure would warn of another down-swing to parity*. Breakout above $1.075, however, would re-visit $1.10. * Target calculation: 1.05 - ( 1.10 - 1.05 ) = 1.00 AUDUSD is strongly influenced by commodity prices and closely tracks the CRB\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19763,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/02\/08\/asx-hesitates-as-iron-ore-plunges\/","url_meta":{"origin":15335,"position":5},"title":"ASX hesitates as iron ore plunges","author":"Colin Twiggs","date":"February 8, 2020","format":false,"excerpt":"Iron ore plunged $15\/tonne, finding support at $80, on fears that coronavirus would harm exports to China. A lot will depend on China's ability to contain the virus outbreak in the next two weeks, when factories re-open after the Lunar New Year and extended closures. Large parts of the country\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=15335"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/15335\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=15335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=15335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=15335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}