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Author Topic: Technical Perspective on AUD/USD  (Read 148 times)
susanaP
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« on: May 21, 2018, 10:21:27 PM »

Australia is one of the world's most natural-resource-rich countries and has large holdings of gold, iron, copper, coal and aluminum. Australia also has very large farms that produce goods such as wheat, beef and wool. In addition to natural resources and farm products, Australia also boasts a modern industrialized economy and a large service sector. Despite these economic advantages, Australia suffers somewhat because it is geographically isolated and has a relatively small population. In light of this, Australia finds it necessary to import large quantities of goods not produced domestically. These imports can result in large trade deficits that pressure the Australian dollar. (For related reading, see A Forex Trader's View Of The Aussie/Gold Relationship.)
US Dollar early in the week. Note that the momentum profile looks similar to that of the late-2017 rebound and further highlights the risk for topside gains near-term - but stay nimble; the broader outlook remains tilted to the downside while within this descending pitchfork formation.

Bottom line: Look for initial resistance up towards 7636- a breach there would be needed to suggest that a larger reversal is underway / a more significant low is in place. A weekly close below 7480 would mark resumption for the broader downtrend with such a scenario targeting 7327. As noted in today’s webinar, for now, I’m willing to trade the long-side targeting slope resistance.
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Boydjames
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« Reply #1 on: June 12, 2018, 05:50:27 AM »

How long will it take to get out of this situation?
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