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quantguy

China fears wreck commodity currencies

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Dollar Australia / Dollar AS (FX:AUDUSD)  
quantguy  
FX:AUDUSD   Dollar Australia / Dollar AS
Moving Average Convergence / Divergence (MACD) Relative Strength Index (RSI) Fibonacci Fibonacci Retracement levels support Support and Resistance Ichimoku Cloud technicals Fundamental Analysis technical_analysis technical Wedge quanttrading quantfinance quant
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As we all know by now, the Chinese markets were only open 14 minutes before a crushing 7% loss tripped safeguards. Recently, news came out to the effect that we can expect a further devaluation of their currency. This will hurt commodity currencies like AUD. In fact, its slipping as I'm writing this.

My short position is bolstered by massive pressure from above via the Ichimoku Cloud, and the difference between the MACD and signal is rapidly closing suggesting a bearish turnaround. The RSI gives us a green light.
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