Short AUD/USD on break below 0.74, target 0.7315
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
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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