workingtraders

$AUDUSD - Market re-focused on rate cuts as data weakens.

FX:AUDUSD   Australian Dollar / U.S. Dollar
245 5 4
Strong resistance has held see related charts posted earlier.

We have re-entered a short term downtrend. (Already in a long/medium term downtrend)

This rally is not caused by strong Aussie dollar but is kept high by the actions of other central banks.


Key thoughts

1) Jobless rate has hit a 12-year high of 6.4 per cent last month.

2) Key commodity prices fall to multi-year lows, and look set to remain low.Iron ore drops to fresh six-year low.

3) China's economy continues to be weak.
Excellent.
Reply
Hi. similar idea! great fudamentals.
the trade seems more promising if you look at the W1 chart.
snapshot
+1 Reply
workingtraders PriceActionTrading
100% agree. That weekly candle is very ugly.
+1 Reply
Nice one!
+1 Reply
workingtraders IvanLabrie
Strong Follow thru!
+1 Reply
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