AUD/USD PRICE OUTLOOK: AUSTRALIAN DOLLAR RALLIES DESPITE US-CHINA TRADE UNCERTAINTY ESCALATING STILLAUD/USD value motion superior
AUD/USD PRICE OUTLOOK: AUSTRALIAN DOLLAR RALLIES DESPITE US-CHINA TRADE UNCERTAINTY ESCALATING STILL
- AUD/USD value motion superior on Tuesday because the Nasdaq notched a recent document shut
- Australian Greenback bulls steered spot AUD/USD increased amid fading danger aversion
- Dealer sentiment overlooks inconsistent US-China commerce deal remarks from Trump and Navarro
The Australian Greenback gained floor on Tuesday as main safe-haven currencies, just like the US Greenback, declined. AUD/USD value motion prolonged one other 22-pips increased in an extension of the prior buying and selling session’s 73-pip rally. Spot AUD/USD has gyrated broadly over the past 24-hours, nevertheless. This comes largely within the wake of newest US-China commerce commentary from President Donald Trump and Commerce Adviser Peter Navarro.
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AUD/USD & USD/CNH PRICE CHART: 5-MINUTE TIME FRAME (23 JUNE 2020 INTRADAY)
Chart created by @RichDvorakFX with TradingView
The pro-risk Australian Greenback whipsawed alongside the offshore Chinese language Yuan (CNH) after White Home dealer adviser said that the US-China part one commerce deal is over. Navarro subsequently walked again his hawkish language, which offered aid to the sharp however short-lived drop recorded by AUD/USD value motion.
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The restoration continued when Trump confirmed on his private Twitter account that the “China commerce deal is totally intact” and added that he’s hopeful China “will proceed to stay as much as the phrases of the settlement.” In the meantime, President Trump, along with a number of different White Home officers, have just lately famous the opportunity of a ‘full decoupling’ from China, in an obvious escalation in Sino-American commerce struggle rhetoric.
AUD/USD PRICE CHART: DAILY TIME FRAME (18 FEB TO 23 JUN 2020)
Nonetheless, the dearth of a tangible breakdown in US-China commerce relations doubtless contributed to the newest wave of danger urge for food serving to push AUD/USD costs increased. The most recent bounce by spot AUD/USD reiterated the bullish trendline prolonged by a sequence of upper lows since mid-March. That stated, the approaching Bollinger Band squeeze might stymie a sustained advance doubtlessly set forth by the Australian Greenback.
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— Written by Wealthy Dvorak, Analyst for DailyFX.com
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