Learn to Trade

China Demands Australia to Make Amends  

By No Comments

 

China blames Australia for the souring of the relationship between the two largest trading partners. 

Australia must “face up” it has caused to its relationship with Beijing, foreign ministry spokesman Zhao Lijian says. 

Scott Morrison stated that Australia would not be forced into “binary choices” between China and USA. 

Australian ministers and officials are struggling to be in contact with their Chinese counterparts as tensions between China and Australia continue to rise. 

However, Mr. Zhao said on Monday that communications between China and Australia is unimpeded. 

“It is Australia that caused the current difficulties in bilateral relations,” he said. 

“We urge Australia to face up to the problems, correct mistakes and create conditions for bringing bilateral relations back on track.” 

Last week, Beijing officials were furious at Australia’s new military pact with Japan, claiming US allies were forcing China to explore deeper military cooperation with other nations. 

On Monday night, Mr. Morrison address to the British Policy Exchange that Australia must protect its own national interests. 

“Pursuing these interests in the midst of strategic competition between the United States and China is not straightforward,” the prime minister said. 

“Our actions are wrongly seen and interpreted by some only through the lens of the strategic competition between China and the United States.” 

“It is as if Australia does not have its own unique interests or view as an independent sovereign state.” 

“This is false and needlessly deteriorates relationships.” 

“Mutual respect and equal treatment” repeatedly said by Chinese authorities and would be the basis for practical cooperation between the two countries. 

Meanwhile, crossbench senator Rex Patrick has slammed the federal government for welcoming the Chinese government’s expression of interest in joining a free-trade agreement between Australia and 10 other trans-Pacific nations. 

“The Morrison government has been quite foolish in being so quick to welcome Chinese President Xi Jinping’s latest geopolitical ambition at a time when China is engaged in a punitive and coercive trade campaign against Australia,” Senator Patrick said. 

“In their desperation to ease tensions, the government has conceded an important position to Australia’s disadvantage.” 

“Beijing will no doubt view the Morrison government’s response as a concession, and they will press for more.” 

Technical Outlook 

In the daily charts of AUD/USD, the Aussie fell against the dollar early Wednesday morning in the Asia trading session. 

As what we can see in the chart, the pair is nearing the resistance level at 0.74129. We may see the pair test this resistance level in the following days or the following weeks due to the weakening dollar. 

However, if the pair will test this resistance level, the pair may fell back down and re-test the support level at 0.72382. 

If the price will continue to fall today and the following days, the price may fall further back to the support level at 0.72382. if the price will break down from this support level, we may see the pair fall further and re-test the next support level at 0.69952. 

Don’t forget to follow and subscribe for more updates about market trends, analysis, forex news, strategies and more!

Do you want to learn more about forex trading? Sign up now on our FREE forex webinar and reserve your FREE seats while it still lasts!w

 

General Advice Warning  

Learn to Trade Pty Ltd (ACN:138178542, AFSL:339557) provides general information and educational courses and materials only. This is not an offer to buy/sell financial products. We do not provide personal advice nor do we consider the needs, objectives or circumstances of any individual.  Financial products are complex and all entail risk of loss. Over-the-counter derivative and foreign exchange products are considered speculative because they are highly leveraged and carry risk of loss beyond your initial investment, hence should only be traded with capital you can afford to lose. Please ensure you obtain professional advice to ensure trading or investing in any financial products is suitable for your circumstances, and ensure you obtain, read and understand any applicable offer document 

The information contained herein (“Content”) has been prepared and issued by Learn to Trade Pty Ltd (LTT), and all intellectual property relating to the Content vests with LTT unless otherwise noted. The Content is provided on an as is basis, without warranty (express or implied). Whilst the Content has been prepared with all reasonable care from sources we believe to be reliable, no responsibility or liability shall be accepted by LTT for any errors or omissions or misstatements howsoever caused. No guarantees or warranties regarding accuracy, completeness or fitness for purpose are provided by LTT, and under no circumstances will any of LTT, its officers, representatives, associates or agents be liable for any loss or damage, whether direct, incidental or consequential, caused by reliance on or use of the Content.

 

 

You may also like to read:

Please Leave a Comment

Your email address will not be published. Required fields are marked *