USD/CNH Heads Lower, Pushes Up Aussie, Kiwi
AUD/USD
-0.17%
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NZD/USD
-0.23%
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USD/CNY
-0.18%
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USD/CNH
-0.08%
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Aussie is finally recovering, and this has a lot to do with the Chinese yuan, which finally turned lower with a pretty strong and impulsive price action. We see this reaction below the trendline support, like a first impulse of a minimum three-wave decline, so more weakness on USDCNH can suggest more strength for kiwi and aud.
In fact, aussie shows nice ongoing impulse where price is expected to break above 0.69, after a pullback. Also, it’s important to mention that China is doing everything that’s needed to support its economic activity, which is also very positive for AUD.
