AUDCHF Analysis
AUDCHF has reached the major horizontal support area in the daily timeframe chart.
After the confirmation of the Upward movement, AUDCHF Buy signal was given.
AUDCHF Analysis Update
AUDCHF is trying to re-enter the box pattern area, which leads to the SL price. However, AUDCHF still has chances to rebound.
Why AUD is Weaker:
China’s Economy Worries: People are worried about China’s economy. Since China buys a lot from Australia, especially iron ore, if China’s economy is weak, they might buy less, hurting Australia’s economy and the AUD.
Iron Ore Price Drop: Iron ore is a major export for Australia. When its price goes down, Australia earns less money, making investors lose confidence in the AUD.
Weak Business Report: The Judo Bank Flash PMI report shows that Australian businesses are not doing well, making investors worry about the economy and weakening the AUD.
Please note In the forex market, technical works 80% of the time, and fundamental works 20% of the time. This time fundamental wins. It’s crucial to remain patient and wait for the next good opportunity signal.
We always want you to trade safe under all market conditions.
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