Australian dollar flies into a cyclone

David Llewellyn-Smith

Thursday 22 October 2026

DXY is chopping wood as it clears an overbought condition. I don’t think this is a reversal.

AUD has rebounded from its oversold position. It still has CNY support.

The twins are crossing. Not a good sign.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.