I am not a financial adviser so you should not take any part of this blog as being financial advice. Observing and interpreting charts is a hobby and so is this blog. The information in this blog is just my opinion, it may not reflect reality. Stock market investing is risky - you can lose all, or potentially more than all of your money given certain market conditions. Not only can you lose a lot of money buying shares, you can also lose a lot of potential profits by selling shares at the wrong time. So please do not buy or sell shares because of information in this blog. Whether you buy or sell shares is your decision as is the decision when to buy and sell. Do not risk any money you cannot afford to lose. Do not risk any money if you do not fully know and understand what you are doing.

Monday, April 11, 2011

Aussie dollar continues to point to higher stock prices

The dollar continues to 'lead' the stockmarket higher (refer to March 28 post). Elliott Wave projections are still pointing to a minimum target of $1.08 but anywhere up to $1.15 will be considered a 'normal' move from here. The continuing strength of the dollar augers well for the stockmarket. Eventually the market will take a breather. Where it does is anybody's guess but the higher the market goes, the higher the support level will probably move. Soon, the 5000 level, which for so long has been the ceiling for the market, might end up being the support. Here's an up to date chart for the dollar.
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