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Short

Short AUD/USD on break below 0.74, target 0.7315

FX:AUDUSD   Australian Dollar / U.S. Dollar
212 0 8
Aussie slips across the board, following the weakest yuan fix against the US Dollar             since August 2015.

PBOC set today's USD/CNY at 6.6375 vs 6.5776, USD/CNY hits its highest level since Jan 2011.

A weaker Chinese industrial profits print released earlier on the day also weighed heavily on the sentiment surrounding the commodity currencies.

The pair finds minor support at 0.74 ( 20-DMA             ), break below will drag the pair lower to test trendline at 0.7315.

Momentum studies are bearish , Stochs have rolled over from overbought levels, RSI is biased lower.

Immediate support and resistance are seen at 0.74 ( 20-DMA             ) and 0.4722( 100-DMA             ).

Good to go short on break below 0.74, SL: 0.7445, TP: 0.7330/ 0.7315/ 0.73
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