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China stops importing coal from Australia. AUD/USD declining

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The Australian dollar jumped in the Asian session after jumping to 0.7200 as a result of better labor market data. However, the Westpac report showed that RBA is expected to cut interest rates. The currency wiped out the winnings earlier and even collapsed to a new day bottom, reaching the 200-period on a 15-minute chart.

However (because it was not enough), China "attacked" Australia from an economic outlook, which led to the further collapse in the currency, collapsing to 0.70833. The threat of the momentum of the bear is stronger, especially if the price stays below 23.6 Fibonacci on the daily chart.

It seems that the diplomatic tension between China and Australia is beginning to overlap and we see the first cracks in their relationship. Australia has not yet received approval from China for Foreign Minister's visit and Australia forbids Huawei to have a presence in the telecommunications network. The case of Huawei is one of the reasons China has to turn its back on Australia.


 Trader Martin Nikolov

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