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Australian dollar climbs to a session high above 0.6800 as the dollar sags

The Australian dollar has been stubbornly strong in the past few weeks and I suspect that’s a sign of money rotating into Australia on China reopening. The outlook for coal, iron ore and base metals is improving with China getting back in the mix and the RBA moving to the sidelines will stabilize Aussie housing.

The chart might look like a head-and-shoulders top to some but I think the series of higher lows in the past two weeks is more telling. It will take a break of 0.6845 to confirm it but there’s plenty to like here.

Technically it won’t be easy with the 200-dma, 0.7000 and the August highs not far away but it’s a spot to watch.

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