$Australian Dollar - main 2209(AUDmain)$strength / weakness linked and correlated to commodities & China. Especially strong $Copper - main 2209(HGmain)$correlation in the longer term (see attached line chart).
China produces about 40% of the worlds Copper but also imports between 50% to 60% of the rest of the worlds production. Why is this important to know? Well, Copper is used in all sorts of infrastructure projects / tech etc - one of the most used industrial metals and if China are doing well they will need more and more of the metal. So Copper and Chinas performance can be used as an economic bellweather and be used to ascertain the strength and weakness of the Australian Dollar!
So whats happening with $Australian Dollar - main 2209(AUDmain)$currently? Been channel trading for last few years (See line chart attached).
Key up break zone 0.812. Key downside break & strong bearishness zone 0.67. Currently longer term strength improving versus the US Dollar (see attached currency strength chart)
Current outlook - BULLISH
Targets & Risk Management (See also Renko chart attached)....
Bullish upsides: T1: 0.713, T2: 0.746, T3: 0.766
Bearish Downsides: T1 0.689 T2 0.658 T3: 0.625
Stops: Bullish 0.695, Bearish 0.715
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