AUDUSD falls on weaker China.
AUDUSD under strong bearish pressure today under the effect of the wide-spread Australian dollar pessimism as its largest trade partner China suffers the investors outflows. China shares eye worst month since May 2019 after Beijing’s announcement of new rules barring for-profit tutoring in core school subjects resulted in a significant rout in the country’s equity markets. An index of emerging market shares fell on Monday as Chinese equities slipped on regulatory concerns, and was set for its worst month since a pandemic-led rout in March last year. The bearish pressure on Chinese equities intensified by severe coronavirus outbreaks in the region. This is translating into the selling pressure on the Australian dollar – as the global proxy of the Chinese-related sentiment.
Expect sellers on upward corrections.
Next support to watch – 0.7317
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