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AUD/USD Forex Signal: Falling Wedge Signals Bullish Breakout
While the bearish trend may continue, a bullish rebound cannot be ruled out.
Bearish View
Bullish View
The AUD/USD pair declined sharply as investors continued watching the falling iron ore prices. The pair declined to 0.7270, which was the lowest level since August 27.
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Iron Ore Prices Crash
Australia is a leading mining company, making the Aussie one of the leading commodity currencies. Therefore, the currency has tumbled in the past few weeks because of the falling iron ore prices. The price continued the declines that happened last week, when the metal declined by 22%. That marked its worst performance since 2008 at the height of the Global Financial Crisis.
The recent decline of iron ore price is mostly because of Chinese policies. In its economic modelling, the Chinese government has said that it intends its vast steel industry to hold production flat at about 1 billion tons this year in a bid to slow the industry. The new policies pushed the country’s steel mills to panic sell with the goal of reducing inventories.
There are also rising tensions between Australia and China after the government entered into a deal with the United States and the UK on submarine development. Another reason is the ongoing crisis at Evergrande, which could see banks limit lending to other lenders.
