JICPT| AUDCAD downtrend continues
Hello everyone. I've published the short setup of AUDCAD a couple of days ago. After struggling for a few days, it finally formed a bearish leg-out candle to retest the previous low of 0.9145.
This is a continuation of the downtrend if 0.9145 got firmly violated. Unlike futures that move fast like hummingbirds, forex sometimes is a slow mover. Traders need to be patient.
Let's talk about Australian dollar today. I've just checked the List of Australia's Most Valuable Export Products. Here are interesting findings as of 2020.
1. Iron ores ranked 1st with US$78B
2. Coal, solid fuels made from coal took the 2nd place with US$32B
3. ....
China is the Australian's biggest importer with a share of 40% (US$100B ), followed by Japan with a share of 12.3%.
Iron ores are definitely the required resources by China. Yesterday's weak Chinese data weighed on China stocks, crude oil and AUD as well. There is a clear link between China's economy and AUD.
Of course, there are may AUD pairs to trade, why choose AUDCAD, as CAD tends to move in the same direction with the crude oil which also tends to be affected by China's economy. I totally agree with this.
Better one would be AUDUSD. What do you think?
Give me a like if you're with me.
This is a continuation of the downtrend if 0.9145 got firmly violated. Unlike futures that move fast like hummingbirds, forex sometimes is a slow mover. Traders need to be patient.
Let's talk about Australian dollar today. I've just checked the List of Australia's Most Valuable Export Products. Here are interesting findings as of 2020.
1. Iron ores ranked 1st with US$78B
2. Coal, solid fuels made from coal took the 2nd place with US$32B
3. ....
China is the Australian's biggest importer with a share of 40% (US$100B ), followed by Japan with a share of 12.3%.
Iron ores are definitely the required resources by China. Yesterday's weak Chinese data weighed on China stocks, crude oil and AUD as well. There is a clear link between China's economy and AUD.
Of course, there are may AUD pairs to trade, why choose AUDCAD, as CAD tends to move in the same direction with the crude oil which also tends to be affected by China's economy. I totally agree with this.
Better one would be AUDUSD. What do you think?
Give me a like if you're with me.
Kommentera:
Yep. Lower low created indicate downtrend continues.
plan your trade and trade your plan
