AUD/USD has shown a slight jump till 0.7930 after Sunday’s PBOC interest rate cut. The PBOC cut’s its key policy rate by 25bpbs to 5.1% on Sunday. PBOC lowered rates further to address growth risks.
Technically AUD/USD is struggling to hold above 0.7930 and declining from that level. Short term is weak as long as resistance 0.7970 holds.
The pair’s minor resistance is around 0.7935 and any break above would extend gains till 0.7970/0.8000.
Indicator (1 Hours chart) CCI (50) - Sell
CCI (14) – Sell
Ichimoku- Neutral
It is good to sell on rallies around 0.7920 for the target of 0.7785 with stop around 0.7970