Sliding Yuan seems to have dragged Aussie – the proxy for China, lower with it. AUD/JPY selling may have added to the bearish pressure around the AUD/USD pair. The AUD/USD pair is likely being dragged lower by Chinese Yuan and AUD/JPY pair. At press time, the AUD/USD is trading at 0.7370, having clocked a low of 0.7361 and a high of 0.7398 earlier today. AUD, which is widely considered as a proxy for China, is losing altitude, possibly due to Yuan depreciation. The USD/CNY pair rose to 6.5830 today – the highest level since December 2017. It appears as though China is weakening its currency in order to help the economy absorb shocks from Trump’s trade war. Further, the AUD/JPY is on the retreat likely due to increased demand for anti-risk JPY amid trade war fears. The selling in AUD/JPY could be hurting the AUD/USD. Also, on the data front, there is little or no good news that would cheer up the AUD. Chinese industrial profits for May came in at 21.1 percent year-on-year following a 21.5 percent rise in April. Looking ahead – the AUD/USD will likely continue tracking the action in the Chinese Yuan and AUD/JPY pair. Risk reset may stall the slide in the AUD. AUD/USD Technical Levels Support: 0.7345 (June 21 low), 0.7327 (61.8% Fib R on Jan 2016 low – Jan 2018 high), 0.73 (psychological level). Resistance: 0.7401 (100-hour moving average), 0.7444 (June 22 high), 0.7476 (May 30 low). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Fitch on BoJ’s ‘stealth’ tapering FX Street 3 years Sliding Yuan seems to have dragged Aussie - the proxy for China, lower with it. AUD/JPY selling may have added to the bearish pressure around the AUD/USD pair. The AUD/USD pair is likely being dragged lower by Chinese Yuan and AUD/JPY pair. At press time, the AUD/USD is trading at 0.7370, having clocked a low of 0.7361 and a high of 0.7398 earlier today. AUD, which is widely considered as a proxy for China, is losing altitude, possibly due to Yuan depreciation. The USD/CNY pair rose to 6.5830 today - the highest level since December 2017. It appears as though… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
