Good to sell AUD/USD rallies, test of 0.7085 likely

FX:AUDUSD   Australian Dollar / U.S. Dollar
182 0 6
Selling in the Aussie continues as commodities like crude oil             resumed their price decline hurting commodity currencies.

Mood in Asia sours after USD/CNY fixed higher than expected - broadly underpinning USD/AXJ.

Upside in the pair is capped by Daily Tenkan at 0.7250, Aussie slips below 0.72 handle, was down at 0.7179, selling looks incomplete - fresh intraday lows made.

Daily RSI has hit 50 levels and turned lower, currently at 47.07, Stochs also point south, but have entered oversold territory.

AUD/USD             is holding above daily cloud, breaks below cloud top at 0.07159 could drag the pair lower, tests of 0.7085 ( trendline support) then likely.

Double bottom at 0.7160 is strong support on the downside ahead of 0.7157 (61.8 % Fib of 0.7016/0.7386).

Good to sell rallies in the pair around 0.72 levels, SL: 0.7250, TP1: 0.7160, TP2: 0.7085
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