Genesis Asset Clients' Update - December P2
It is really difficult to see a deep pullback on our long Aussie trades from 12/2 peak.
The price gapped up and instead of seeing fresh buying strength from there, the pair did a U-turn and retraced sharply.
While the pullback may be agonizing, the underlying strength is very well visible. The close above 0.733 has already spoken that this will be heading up eventually and reach 0.750 level (here I will unwind all the other Aussie pairs as well).
I will wait patiently for the price action to settle down but it should not take long, expecting to be within 3-5 weeks considering the holiday season ahead.
I would like to take this opportunity to wish you a Merry Christmas/Happy Holidays and a Blessed New Year!
Books By Ramesh Selvarajoo