And usually what is bad for China is almost also always bad for the Australia, because of their trade reliance. But surprisingly even with the yuan devaluation, the aussie is taking everything in stride over the last 12 hours or so.
Adding to that, is Australia's position now that they don't want to align with China in this whole episode. Australia's defence minister, Richard Marles, said today that "we’re not about to make common cause with China - that’s not what’s going to happen here". It is a direct rejection to Chinese ambassador to Australia Xiao Qian’s offer to “join hands” against the US.
Looking to the chart though, AUD/USD is starting to creep back above its 200-hour moving average (blue line) and that shows buyers in near-term control now. The 0.6200 mark will offer up some resistance in the short-term but the fundamentals are also worth considering as there are reasons stacked against the aussie at the moment.
This article was written by Justin Low at www.forexlive.com. Read More Details
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