I last wrote about the importance of China's Shanghai Index regaining control and remaining above the 2000 level on June 24th.
Since then, price has rallied and has closed above 2000 in Thursday's action, as shown on the Daily chart below. The next hurdle will be to rally and hold above the 50 and 200 MAs at 2200, followed by a downtrend line at 2300.
One gauge of China's strength going forward may be exemplified by the AUD/CAD forex pair.
You can see from the following Weekly chart that, as of Thursday evening, price has, once again, broken below the lower edge of the downtrending channel and is threatening to fall to the next support level of 0.9300, or lower.
Further weakness in AUD/CAD may drag the Shanghai Index back below the critical 2000 level (or vice versa)...worthwhile watching if you trade the Shanghai market.
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