AUD/USD retreats on RBA comments, good to sell on rallies

• RES 4: 0.8294 (Jan 15^th high)

• RES 3: 0.8225 (161.8% retracement of 0.8162 and 0.8062)

• RES2: 0.8165(May 14^th High)

• RES 1: 0.8062 (Support turned into resistance)

      PRICE: 0.8014 @ 06;53 GMT 

• SUP 1: 0.8015 (23.6% retracement of 0.75322 and 0.8162)
  
  
• SUP2:0.7984 (200 day HMA)

• SUP 3: 0.7930 (61.8% retracement of 0.7785 and 0.8162)

• SUP 4:0.7860 (May 8^th low)

Commentary:

AUD/USD has reached 0.8162 and retreated from that level after RBA comments and weak Chinese house prices.  Short term trend is bearish as long as major resistance 0.8200 holds.

RBA Deputy Governor said "The further reduction in the cash rate earlier this month will provide a bit more support and it will help reinforce some of the recent encouraging signs - particularly in household spending.

April new house prices data released today showed continuing weakness in the property market.

On downside  the minor support is around 0.8015 and below that it can reach till 0.7965/0.7930.

Indicator (1 hour)

 CCI (14) - Sell

CCI (50) - Sell

Ichimoku- sell

It is good to sell on rallies around 0.8100 for the target of 0.7980/0.7935 with stop around 0.8200.