AUDUSD continues its slide going into NY session after last nites data coming out from china showed a very weak PMI number suggesting a continuing slow down in the worlds second largest economy. Given that China is the largest trading partner with Australia it raises concerns as to the increased demand for the commodity driven export sector of the Australian economy which is its largest sector. Technicals suggest further downside in AUDUSD as prices have turned sharply after confirming a bearish gartley harmonic and tracing out a 5 wave impulse pattern in sub wave 3 within wave 3. The most common Fibonacci extension from wave 1 is 1.618 which would give a price target of .8600 in the near term.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.