The AUDUSD is showing the most interesting setup of the week.
After the fake breakout to the downside, the shorts got squeezed a lot. The Aussie traded back into demand where it found sellers immediately.
The question for the Aussie is: how does China and Crude influence the AUDUSD? Falling Oil and depreciating Chinese markets weighed heavily on the AUD which led to the sell-off. Recently, Oil found support and China managed to control the bears.
Shorting the AUDUSD is not the best reward:risk trade if China and Oil keep improving. We remain neutral for now and wait for confirmation from China and Oil before making trading decisions on the AUDUSD.
After the fake breakout to the downside, the shorts got squeezed a lot. The Aussie traded back into demand where it found sellers immediately.
The question for the Aussie is: how does China and Crude influence the AUDUSD? Falling Oil and depreciating Chinese markets weighed heavily on the AUD which led to the sell-off. Recently, Oil found support and China managed to control the bears.
Shorting the AUDUSD is not the best reward:risk trade if China and Oil keep improving. We remain neutral for now and wait for confirmation from China and Oil before making trading decisions on the AUDUSD.
I have been trading for 15 years!
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> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: www.tradeciety.com/webinar/
> Free blog: www.tradeciety.com/blog
