AUD/USD strategy: how much weight do you give China?

The Australian dollar is a China proxy and a commodity currency at once, which makes AUD/USD a two-channel trade: Chinese demand and global risk appetite. Strategies differ on which channel dominates when.

What's your weighting?

• the China signals you trade (data, fix, commodities)
• how risk appetite competes with the China channel
• the divergence that confused your model

The commodity currencies guide maps both channels.