- Aussie heavily sold-off in mid-Asia following the release of China manufacturing PMI and S&P headline
- S&P said in a statement that it could lower rating if budget deficit does not improve
- China’s PMI today was a big miss, came in at lowest in 15 months, reinforcing bearish sentiment in the Aussie
- Hourly price action was rejected at lows by 0.7268, Doji formed on hourlies, but daily momentum remains negative
Recommendation: Good to sell any rallies, suggested entry: 0.7300, SL: 0.7370, TP: 0.7260Resistance Levels:R1: 0.7300 (Psychological Level)R2: 0.7352 (Daily Low Jul 23)R3: 0.7380 (Hourly High Jul 23 (NY))Support Levels:S1: 0.7268 (Daily lows)S2: 0.7239 (May 2009 Low)S3: 0.6854 (Apr 2009 Low)
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