AUDUSD appears to have comp0leted a correction and is ready to resume the monthly uptrend. We're long and added here at 0.7850 for the last time, after buying at 0.7835 initially. The trend in EV adoption is driving flows here I suspect, with an increase in the price of copper, iron ore, cobalt, nickel, and other materials required for different battery types. Australia benefits directly from this, as an exporter of these, iron ore and copper in particular. This could drive the long term rally we observe to be active in monthly charts. See related ideas for more information.
Breaking Today: I believe it's VERY much worth the time listening to it since you're a FOREX trader. My opinion. By the way, don't let the title fool you. They discuss financials and economics more so than geopolitics in this 1 hour video. Released October 3, 2017: youtube.com/watch?v=arJyIOM1cs4
IvanLabrie
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@ProwdClown, thanks, I'll check it out.
Btw, I changed my mind after the retrace but since I'm in BHP, I have exposure to AUDUSD anyway.
oztrader22
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Interesting. I too think the AUD will resume upwards but just not sure if the selloff is done just yet.
Breaking Today: I believe it's VERY much worth the time listening to it since you're a FOREX trader. My opinion. By the way, don't let the title fool you. They discuss financials and economics more so than geopolitics in this 1 hour video. Released October 3, 2017: youtube.com/watch?v=arJyIOM1cs4