AUD/USD

Should have been an easy week, wait patiently for signals, or just buy with 70 pips stop loss

Currently still have a buy at 0.74157. I am expecting A LOT more upside for our friend AUD so at the moment no expected TP as of yet. A GBPAUD short looks very tasty especially with a possible no deal brexit. Let's see how the weeks unfold!

I'm short

closed

Aud might take a break, China is banning aus coal imports, that's a multi billion dollar hit if true.. So off to the WTO we go!?

It's true, the Chinese are playing games, applying enormous economic pressure against Australia. Coal is Australia's second largest export in dollar terms. This is only one of several commodities that The Chinese are using as leverage to try to force Australia to bend and kiss their asses. Not looking good at all, as Australia can not concede to this pressure. Now iron ore, Australia's No.1 export, is at $152 P/T. The Chinese are complaining about that. Australia is HEAVILY dependent on trade with China. The Chinese want the iron ore badly, so they have not implemented any bans or tariffs on that. But Australia is in trouble here. David and Goliath. It would be nice to see some support from other countries on this issue. China has too much muscle, the rest of the world cannot afford to sit by and watch as China bullies other countries individually.

https://www.scmp.com/economy/china-e...emands-answers




https://www.news.com.au/finance/busi...e6467e4f9ded10


"China has black-listed Australian coal, according to state-owned media, in a crushing new blow in the worsening trade war.
The Morrison Government is now urging Chinese authorities to immediately rule out the coal import ban.
Chinese state-owned media reported on Sunday that Australia had been “shut out” of a new coal policy that gave power plants approval to import coal without customs restrictions from every country but ours."

$152.02 (US/t)

At the Close: 11 December 2020

Iron Ore (62% CFR China)PriceChange
October 2020$121.44-3.71%
September 2020$126.08+4.74%
August 2020$120.37+13.80%
July 2020$105.80+3.40%
June 2020$102.36+15.74%
May 2020$88.44+6.04%
April 2020$83.40-6.36%
March 2020$89.07+6.12%
Monthly Average in $US/metric tonne

Coal is qld and NSW biggest export.. its a square kick in the nuts.

If this is the future for anyone smaller that speaks out then my o my

Yes, and how many other countries in the world are equally reliant on trade with China? This doesn’t bode well for the independence of any of them.

Commies are not flexible, they confuse and conflate flawed economic theory into political idealism and anyone who doesn't agree needs to be re-educated- aus is now a star pupil!

'China equals fear and greed to aus', to paraphrase the great Tony, and its starting to haunt us.

With expected pure USD weakness with hopes of a covid package coming as well as RBA standing by their bond purchasing I hope to see more upside for AUD/USD. I am still currently holding last weeks position with SL in BE and decided to add more long positions. Could be wrong which is why we use SL's lets see what happens!

update: Currently seeing very nice bullish action but this is mostly coming from USD weakness! a deal for the covid relief package is looking well on its way. I will hold these trades for now

That was hard to watch

Excellent week for aud/usd. still have my buys from last week at 0.7415 area as well as more buys in 0.7555 area, so far up 200 pips expecting more upside as of now luckily the congress has pushed for a 2 day stop gap bill to continue talks towards a covid relief bill.

He bought after profit taking

,?

AUDUSD must come down now