AUDUSD is extremely bearish at the moment. Looking at W1 timeframe you can see a significantly strong support in Okt. 2008.
There is a sone between 0.6290 and 0.6030 which has been providing ag decent support during several months.
We are about 400 pips away from this sone and I would think that we may get there again. The Australian economy is not at its best for the time being nor is the Chinas economy. Besides Australia recently denied China a membership of the pact giving the pacific and Asian nation access to free market. This may additionally create severe problems for China which will result in problems for Australia as well.
The things are not looking good but unfortunately the market is not always rational and more often than not it does the opposite to our expectations.
Trade safe and always confirm other’s ideas by making your own research.
No username yet? You are on my ignore list. Fuck off and do not quote me!
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