Strong economic stats form China keep trying to support the Australian Dollar. However, the downswing continues.
The Chinese economy is enjoying an external trade surplus. It has exceeded analyst expectations, thereby eliminating the deficit. This is definitely good news for Australia, which is the major supplier of iron ore and coal for China.
Still, the RBA’s current policies have had a considerable impact on the Australian Dollar. The central bank’s intention to support the economic growth led to a record-low interest rate.
Forex
The chart below, courtesy of Masterforex-V Academy, reflects the current state of affairs in the market of the Australian Dollar.
A further downswing will probably see support around 0.9978, 0.9943. The current bearish move will be completed as soon as the price overcomes the top of the MF sloping channel and consolidates above 1.0252 (as shown below).
