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AUDUSD bearish zigzag but outside of equidistant channel

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The AUDUSD managed to recover after a big drop caused by equities, Chinese market and Yuan devaluation. As we know, Chinese markets correlate to AUD and a possible loss of competitiveness in Chinese export market is also negative for AUD. Technically AUDUSD is sitting at POC 0.7005-15 (H3, DPP, 50.0) and it could reject towards 0.6950. The problem is that Equidistant channel is out of sync with price which is caused by a bullish divergence. That could spike the price up towards 0.7040 zone

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