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Short

AUD/USD trades weak after RBA policy, good to sell on rallies

FX:AUDUSD   Australian Dollar / U.S. Dollar
406 0 9
AUD/USD             has decline till 0.74636 after RBA left the cash rate unchanged at 2% . RBA reiterated that a lower AUD is needed: "Further depreciation seems both likely and necessary, particularly given the significant declines in key commodity prices."

Technically AUD/USD             is facing major resistance around 0.7550. Overall trend is weak as long as resistance 0.7550 holds.

On the upside minor resistance is around 0.7520 and any break above will extend gains till 0.7550/0.7600.

The major support is around 0.7460 and break below targets 0.7420.

It is good to sell on rallies around 0.7525 with SL around 0.7551 for the TP of 0.7420.
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