The AUDUSD is almost setting up for a new short trend wave. It has broken its major support but the sell-off hasn't happened yet.
The key factor for the AUDUSD is the Chinese market. These days, the Shanghai Composite leads the development - not only from a safe-haven point of view, but also because of the connection of the Australian and the Chinese economy.
The second factor is Crude Oil. Although Crude has also broken its major level at $30.00, it's still waiting for the follow through.
Now it's waiting time for the AUDUSD. Only if China and Crude pick up momentum again, the AUDUSD will move.
The key factor for the AUDUSD is the Chinese market. These days, the Shanghai Composite leads the development - not only from a safe-haven point of view, but also because of the connection of the Australian and the Chinese economy.
The second factor is Crude Oil. Although Crude has also broken its major level at $30.00, it's still waiting for the follow through.
Now it's waiting time for the AUDUSD. Only if China and Crude pick up momentum again, the AUDUSD will move.
Note
The Shanghai Composite is 3% higher today. Makes it very unlikely for a short AUD/USD move going into the European open. Short positions are squeezed.
I have been trading for 15 years!
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> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: tradeciety.com/webinar/
> Free blog: tradeciety.com/blog
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I have been trading for 15 years!
> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: tradeciety.com/webinar/
> Free blog: tradeciety.com/blog
> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: tradeciety.com/webinar/
> Free blog: tradeciety.com/blog
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.