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- AUD/USD attempts minor recovery from session lows at 0.7452 post-NAB quarterly survey data.
- NAB's June quarter business survey was mixed with business confidence numbers at 2 vs 4 previous, while business conditions stood at 11 vs 10.
- Rising speculations about RBA rate cut as early as next month continue to weigh on the Aussie.
- Upside finds stiff resistance at 100-DMA 0.7485 and then 20-DMA at 0.7507. Bearish invalidation only on breaks above 20-DMA.
- Strong support on the downside are seen at 0.74. Selling pressure could intensify on break below, drag till 0.7335 (200-DMA) then likely.
Recommendation: Good to sell rallies around 0.7485, SL: 0.7520, TP: 0.7410/ 0.74/ 0.7360/ 0.7335
