Last week, A/U made a big break when it pierced 2015 year low to fall below 0.6900
This is an important break we must not ignore and who calls for a buy should rethink their decisions.
The problem is Australia has a great connection to China, so when China has problem,Australia is impacted as a result.
I don't see any positive signal from China despite Chinese government surely that they can handle the threat.
There is no major support below 0.6900 level,so I choose a Gann level to position for A/U.
I choose 0.6770 first then 0.6700
Maintain bearish bias for Aussie.
This is an important break we must not ignore and who calls for a buy should rethink their decisions.
The problem is Australia has a great connection to China, so when China has problem,Australia is impacted as a result.
I don't see any positive signal from China despite Chinese government surely that they can handle the threat.
There is no major support below 0.6900 level,so I choose a Gann level to position for A/U.
I choose 0.6770 first then 0.6700
Maintain bearish bias for Aussie.