AUD/CAD: short position
Australian Dollar/Canadian Dollar it's moving to the downside and I see a bearish trade from the market price to my target toward $0.8922 CAD.
So, I'm shorting AUD/CAD by technical analysis, and very important the fundamental analysis about what happen in China about
1) Data earlier Monday from China showed the country's export growth slowed to single digits in April, growing 3.9% in April from a year earlier, compared with the 14.7% growth reported in March. The growth was the slowest since June 2020.
2) China’s new yuan loans are expected to have dropped in April after a rebound in March as credit demand weakened, a Reuters poll showed, even as the central bank keeps policy accommodative to support the slowing economy.
So, directly this news will affect the Aussie in this bad news on how the export it's slowed since previously month April that fail to 3.9% and now it's a trouble as that comparsion it's very low than March that was 14.7% and indicate a slow productinn of exportation growth and all it's about the lockdown of covid-19 in China cities and another issue in the healthy system.
The Daily timeframe it's look bearish!!!
This it's the H1 timeframe and this it's a confirmation combining and analyzing the H1 and H4, I took decision to short AUD now! by price action, we see a bearish hammer here and in H4 we see like a bearish engulfing in this timefframe
So, I'm shorting AUD/CAD now
Good luck!!!
So, I'm shorting AUD/CAD by technical analysis, and very important the fundamental analysis about what happen in China about
1) Data earlier Monday from China showed the country's export growth slowed to single digits in April, growing 3.9% in April from a year earlier, compared with the 14.7% growth reported in March. The growth was the slowest since June 2020.
2) China’s new yuan loans are expected to have dropped in April after a rebound in March as credit demand weakened, a Reuters poll showed, even as the central bank keeps policy accommodative to support the slowing economy.
So, directly this news will affect the Aussie in this bad news on how the export it's slowed since previously month April that fail to 3.9% and now it's a trouble as that comparsion it's very low than March that was 14.7% and indicate a slow productinn of exportation growth and all it's about the lockdown of covid-19 in China cities and another issue in the healthy system.
The Daily timeframe it's look bearish!!!
This it's the H1 timeframe and this it's a confirmation combining and analyzing the H1 and H4, I took decision to short AUD now! by price action, we see a bearish hammer here and in H4 we see like a bearish engulfing in this timefframe
So, I'm shorting AUD/CAD now
Good luck!!!
We still ok, the price make consolidation. I'm still bearish in AUD/CAD