Chart Book | Chart of the day: Time to rethink aussie dollar bear trend?

As China's economic data weakens, as mandated by Beijing, the Australian dollar slides, as the Reserve Bank hoped. The move has been steady and relentless since November, capped by trend line resistance and a falling Ichimoku cloud, and Fibonacci 61 per cent retracement support that has since become resistance. The aussie is at its weakest since May 2009, well below its very long-term mean at 87 US cents. So when and where will it end? The aussie has been oversold on the relative strength index all year and put options are consistently dearer than calls. But the cloud pattern on the chart thins in May and the risk of a break of the trend line could come sooner. It might be time to rethink the bear trend.