AUD/USD trades weaker on PBOC Yuan fix, good to sell on rallies

FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
234 0 7
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
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