- RES 4 : 0.7495 ( Jul 10th high)
- RES 3: 0.7450 (Jul 21st high)
- RES 2: 0.74275 (Aug 4th high)
- RES 1: 0.7370 (20 day 4 HMA)
PRICE: 0.7327 @12:02 GMT
- SUP 1: 0.7315 (Aug 6th low)
- SUP 2: 0.7250 (161.8% retracement of 0.73266 and 0.74484)
- SUP 3: 0.7193 (61.8% projection of 0.7848 to 0.73266 from 0.7448)
- SUP 4: 0.7180
AUD/USD has declined from the high of 0.7435 after PBOC fixes Yuan reference rate at 6.2298 (prev 6.1162).
The People's bank of china devalued the Yuan 2% over night, which sparked USD demand and put the AUD under heavy pressure.
Technically Aussie has broken short term support 0.7350 which confirms short term weakness, a decline till 0.72500 cannot be ruled out.
On the higher minor resistance is around 0.7380 and break above targets 0.7445/0.7490.
Bearish invalidation only above 0.7450
It is good to sell on rallies around 0.7340 with SL around 0.7370 for the TP of 0.7250/0.7230


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