AUDEUR: The support which sat 45 points lower was broken and as forecast there was a steep correction lower. AUDEUR is now at a 3 month low, dropping 6.5% in 12 trading days. A good opportunity for exporters at the moment and exporters with time on their side can target another 1% lower while importers can target resistance 1.5% higher. .

AUDGBP: As forecast AUDGBP fell another 100 points to hit a 3 month low, dropping 8% in just 12 trading days. There is short term support at this level. If it breaks exporters will get an opportunity 1.5% lower. The “No Brexit” camp has continued to gain momentum and whilst all the talk is of the negatives associated with a Brexit there is no focus on the positives if they do leave. Importers can target a 1% rally.

AUDNZD: The short term support broke and exporters got their opportunity 150 points lower. AUDNZD is down 4% in just 8 trading days. The medium term upward channel has broken to the downside and with the possibility of further rate cuts from the RBA there is a healthy carry trade for the NZD. There is a chance exporters may get another 150 points on the downside but it will take another selloff in the AUD. Resistance sits 80 points higher for importers looking to take advantage of a rally. Gov Wheeler speaks Wednesdayand if he hints at further cuts NZD will weaken.

AUDJPY: Dropped another 3.5% over the week after being down 4.5% at one stage. The last 2 times it has been down here this year we have seen a solid bounce. It has dropped 9.5% in 2 weeks which suggests the sell off has been overdone in the short term. The concern here is if support here breaks their could be another steep fall. 

AUDCHF: The short term support for the AUD broke and it went 150 points lower to the next support level. The AUD is down 6% in 2 weeks against the CHF. A break of this support could see another run 100 points lower. Importers will find resistance 100 points higher.