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Chinese Fears and Copper Meltdown Hit AUD/USD and EUR/AUD

Chinese Fears and Copper Meltdown Hit AUD/USD and EUR/AUD

2014-03-12 11:45:00
Christopher Vecchio, CFA, Sr. Currency Strategist
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Talking Points:

- Australian Dollar diving with commodities (Copper, Crude Oil).

- AUDUSD long out for -90-pips; EURAUD long from 1.5275 remains.

- Watch headlines as calendar remains light this week.

To keep up with developments central banks and their policy changes, be sure to sign up for my distribution list.

"Red sky in morning, sailor's warning" the old saying goes. A look outside of our New York offices gives an ominous warning to seafarers and traders alike as commodity prices dive around the globe. The cause? A copper liquidation (commonly used as collateral in China) amid a series of low-level defaults.

Fear may be spreading as the forex market's main proxy for China, the Australian Dollar, is under a great deal of pressure. While my initial long AUDUSD position from 0.9090 was stopped out at 0.9000 for a loss, the EURAUD position from 1.5275 is in the money with EURAUD trading above 1.5500.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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