Hi traders,
Been looking at AUD/USD for the past couple of months and noticed it bounces around a bit except during the end of July.
From July 23 to August 5th, there wasn’t any pullbacks on the daily chart for AUD/USD. It just falls. Why? Where was everyone getting in safely? Feels like a lot of people were being reckless with their trading.
Thanks for everyone’s input.
To be honest it was probably US/China trade deal related. AUD has started surging recently due to the new found optimism with the China/US trade deal. As you know AUD and China are closely tied together due to being major trade partners. I’ll give you example if you look at the AUD/JPY around the same timeline you just said you’ll see AUD/JPY was around 75 mark before dropping towards the 71. I definitely think AUD/USD will stick be stuck in this 0.66-0.69 channel until we get some optimism in the trade deal or vice versa.
