AUDUSD Forecast: China trade tensions may add weight on Australian Dollar
China is to impose tariffs on Coal.
HK protest and US-China trade wars are the additional weights on the Australian Dollar.
From the harmonic point of view, the Bearish Black Swan pattern has achieved its first target at 0.65700.
We have booked partial profit and moved our stop loss to entry.
The US economic calendar is packed with events. The second read of the Gross Domestic Product will likely confirm the annualized contraction of 4.8% in the first quarter. Durable Goods Orders for April are set to show a double-digit downfall, while weekly jobless claims are forecast to remain above two million, with a growing focus on continuing applications.
Our focus is on the ascending trendline. We plan to add short positions if the pair breaks down the trendline. 0.65800 – 0.65700 is the potential breakout level by the means of Murrey Math and Moving Average calculations.
Downside targets are: 0.65300 and 0.64700.
Daily closing above 0.67200, will call the bulls back to the game. The targets of the new bullish cycle are 0.68300 and 0.69600.
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