Very Important Week For Aussie Dollar
CurrencyShares Australian Dollar Trust (NYSE: FXA)
PowerShares DB Agriculture ETF (NYSE: DBA)
PowerShares QQQ Trust, Series 1 (NASDAQ: QQQ)
Most markets started off the morning quiet, with the US equity markets showing slight gains. The DEC 12 Nasdaq is strongest of the equity indices thus far, posting gains of .72%. With US presidential elections imminent, we believe today will likely end up being a low volatility day across the board. Crude oil has found some possible short covering today, posting small gains of +34 cents.
The biggest down days in the commodities markets today can be found in oat futures and coffee futures. Even with corn and soybean futures posting slight losses, oat futures are finding fairly strong selling, posting losses of -1.31%. 360 is our next key technical support level for oats. The market is trading very close to this level today. Coffee, similarly to oats, are trading very near their longer term support level at 150. Coffee has been looking very weak, so we might see coffee trade down through this key support level.
We’d like to focus closer on the DEC12 Aussie Dollar. This is a very interesting market, because even with the recent US dollar index rally above 80, the Aussie Dollar has not really budged to the downside. It is even showing a positive day today while the US dollar index is positive as well. Furthermore, the RBA meets tomorrow to announce their latest decision on interest rates. If they do not announce another cut, we look for the DEC 12 Aussie Dollar to continue its strength and possibly shoot for the important 1.045 top of range/resistance level. Even if there is another rate cut, we believe the Aussie Dollar will hold up well and continue its bullish tone.
To learn about trading and investment opportunities, please contact Lido Isle Advisors at 949-461-1137.
Explore what alternative investment choices you have for your portfolio…
- Track records emailed to you of our recommended programs based on your capital level.
- Consultation on how to balance your portfolio properly with alternative investments.
- “Top 10 Reasons To Include Managed Futures In Your Portfolio” PDF emailed to you
Call 949-461-1137 or email email@example.com
Lido Isle Advisors is an elite provider of futures and options brokerage and Mobile Trade Alerts signals. The CEO of Lido Isle Advisors has been featured on CNBC and referenced in leading publications such as Financial Times, Wall Street Journal, Reuters, Benzinga, Futuresmag, & Marketwatch for his expertise on the futures and commodities markets.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.