Any further weakness may signal further problems in China, so it's one I'll be monitoring into next week, along with commodities, which are also down today.
Friday, October 05, 2012
AUD/CAD Forex Pair...Trouble Ahead for China?
At the time of writing this post intraday on Friday, the AUD/CAD forex pair is down 0.0066 pips and is below parity, as shown on the Weekly chart below. The 1.00 level is, essentially the neckline of a Head & Shoulders pattern, and is an important level. A weekly close below could, ultimately, send it down by a measured move of 700 pips to 0.93.
Any further weakness may signal further problems in China, so it's one I'll be monitoring into next week, along with commodities, which are also down today.
Any further weakness may signal further problems in China, so it's one I'll be monitoring into next week, along with commodities, which are also down today.