Friday, 16 April 2010

Risk on gauge getting close to peak - if not already there


From a longer term macro perspective I do believe that there is too much risk appetite at present and one of the gauges of that is AUD/CHF which is now very close to where it was before the July 2007 meltdown in the FX carry trade began.
Recent candlestick formations on the weekly chart are, I believe, alerting an imminent inflection point on this cross rate.

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