- AUD looking vulnerable ahead of RBA decision as volatility continues on Shanghai Composite index despite efforts to stabilize. China concerns intensifying – as key China-related commodities falling hard.
- Australia Cash Rate decision due 0430 GMT. Analysts expect the c.bank to stay on hold, but any comment regarding China will hold interest.
Recommendation: Sell around 0.7470/75, SL: 0.7500, TP: 07410Resistance Levels:R1: 0.7499 (Tenkan Sen)R2: 0.7510 (Jul 6 highs)R3: 0.7553 (4H 20 DMA)Support Levels:S1: 0.7461 (Jul 5 low)S2: 0.7240 (May 2009 low)
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