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Wave Pattern and Trade War Caused Drop On CNH and AUD

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July 19 2018

Trade war sent USDCNH into uptrend in the last few weeks with very strong reaction away from 6.223 which is a continuation of that uptrend that got underway in 2013. In fact a decline to 6.223 was overlapping and in seven swings so we see that as a completed correction which should be fully retraced when it’s done. And clearly this one appears to be finished as current bullish move looks impulsive so it can be underway above 2016 highs and maybe even up to 7.2 equality level.

If that is going to be the case then be aware of more Aussie weakness which I think can be underway back beneath 0.6800 level as recent corrective cycle above that 2000 trendline appears completed.

That been said I am definitely interested in Aussie shorts this summer!

Trade well,
GH

 




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