The Aussie $ is hugging support as I write this around 12:30 pm EST on Monday.
I'll need to see China's Shanghai Index advance and hold above the Daily 50 MA to, potentially, support any attempted rally in the AUD/USD forex pair.
A drop and hold below 1.00 on the AUD/CAD forex pair could signal harder times ahead for China, particularly if the above scenarios do not materialize, and as it faces increasing competition from other Asian exporters (Japan, especially, with its devalued Yen) .
That may, then, produce a drag on any further advancement in North American markets. As well, further weakness in Commodities may also produce the same effect, as I've mentioned in recent posts. You can see from the first chart above, that DBC (the Commodities ETF) is attempting to stabilize after experiencing considerable weakness this year, and, basically, since 2011...I'll be watching for any break and hold below its last Weekly swing low.
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