Tradeciety

AUDUSD - favorite setup of the week

NYMEX:CL1!   Light Crude Oil Futures
142 0 4
The AUDUSD             is showing the most interesting setup of the week.

After the fake breakout to the downside, the shorts got squeezed a lot. The Aussie traded back into demand where it found sellers immediately.

The question for the Aussie is: how does China and Crude influence the AUDUSD? Falling Oil             and depreciating Chinese markets weighed heavily on the AUD which led to the sell-off. Recently, Oil             found support and China managed to control the bears.

Shorting the AUDUSD             is not the best reward:risk trade if China and Oil             keep improving. We remain neutral for now and wait for confirmation from China and Oil             before making trading decisions on the AUDUSD             .
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