AlexC
Long

Descending wedge

FX:AUDUSD   Australian Dollar/U.S. Dollar
144 3 3
This morning RBA hold interest rate.
That would mean major banks rate increase is as good as RBA raising rates itself.
The upward price movement post RBA announcement seems to complete a descending wedge .
A possible upward breakout.
Comment: MNI: **CHINA OCT EXPORTS -3.6% Y/Y VS MEDIAN -3.7% Y/Y CHINA OCT IMPORTS -16.0% Y/Y VS MNI MEDIAN -15.8% Y/Y CHINA CUSTOMS GIVES EXPORT/IMPORT NUMBERS IN YUAN TERMS (news on 8/11). Looks like a gradual improvement of export from China. Will keep close on price movement of iron ore.
Trade active: Going SHORT after recent bounce from AUD job report.
Trade closed manually
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Trade with care. RSI oversold in monthly chart, neutral on Weekly chart. Has commodity prices bottomed?
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Possible triple bottom building up. Time will tell.
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AlexC AlexC
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