Short Aussie based on fundamentals $AUS $USD #forex
Economies worldwide slowing down or missed their forecast. Why? There are different explanations. Today, I do a quick analysis of AUDUSD and how I trade it.
As you may or may not know Australia (atlas.media.mit.edu/en/profile/country/aus/) and Brazil (atlas.media.mit.edu/en/profile/hs/2601/) together dominate the world's iron ore exports.
Iron ore is the basic source for iron and steel industries. It is essential for the production of steel.
Prices for Commodities like Iron Ore (indexmundi.com/commodities/?commodity=iron-ore&months=120) decreased dramatically in the last months. Also Commodity Metals Price Index decreased (Copper, Aluminum, Iron Ore, Tin, Nickel, Zinc, Lead, and Uranium Price Indices) indexmundi.com/commodities/?commodity=metals-price-index&months=120
That's why IMHO e.g. AUDUSD goes downwards and USDCAD upwards. Canada's currency is dependent on their oil production and the oil price goes south.
As you may or may not know Australia (atlas.media.mit.edu/en/profile/country/aus/) and Brazil (atlas.media.mit.edu/en/profile/hs/2601/) together dominate the world's iron ore exports.
Iron ore is the basic source for iron and steel industries. It is essential for the production of steel.
Prices for Commodities like Iron Ore (indexmundi.com/commodities/?commodity=iron-ore&months=120) decreased dramatically in the last months. Also Commodity Metals Price Index decreased (Copper, Aluminum, Iron Ore, Tin, Nickel, Zinc, Lead, and Uranium Price Indices) indexmundi.com/commodities/?commodity=metals-price-index&months=120
That's why IMHO e.g. AUDUSD goes downwards and USDCAD upwards. Canada's currency is dependent on their oil production and the oil price goes south.
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