AUD/USD trades weaker on PBOC Yuan fix, good to sell on rallies
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 0.7325 with SL around 0.7355 for the TP of 0.7250/0.7230
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 0.7325 with SL around 0.7355 for the TP of 0.7250/0.7230