AUD/USD set for fresh breakdown?
Here's an hourly chart of the Aussie.
The AUD/USD has struggled owing to the selling of metals, yuan and Chinese stocks.
What happens in China is important to Australia because of their close trade links. China buys much of Australia's exports of things such as iron ore and copper.
With concerns growing over China's economic health, demand for Australian exports could be hit. In the process, the AUD could suffer further.
In fact, the AUD/USD has now broken its short-term bullish trend line. But it has so far managed to hold above the shaded support area shown on the chart. However, if that zone breaks down, then watch out below!
The AUD/USD has struggled owing to the selling of metals, yuan and Chinese stocks.
What happens in China is important to Australia because of their close trade links. China buys much of Australia's exports of things such as iron ore and copper.
With concerns growing over China's economic health, demand for Australian exports could be hit. In the process, the AUD could suffer further.
In fact, the AUD/USD has now broken its short-term bullish trend line. But it has so far managed to hold above the shaded support area shown on the chart. However, if that zone breaks down, then watch out below!
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