AUDUSD - Short- Downward Slide Continues China/RBA

As mentioned on our analysis on the 01.08 we are short AUDUSD and are targeting 0.67 for the time being so we will look to take profit once the currency pair has broken the 0.67326 Fibonacci support level. AUDUSD has dropped considerably recently due to a Dovish RBA that are expected to cut rates further due to the not being able to reach their unemployment target and sluggish economic growth. Additionally the current escalation of the US/China trade war has led to a devaluation of Yuan and damage to the Chinese and global economy which would impact demand for Australian Iron Ore and Coal and hence the Australian economy.