04.05.201508:06:00UTC+00Aud/usd Trade Idea

• AUD/USD is trading weaker after release of weaker than expected China's HSBSC manufacturing PMI data. The China's PMI data came it at 48.9 in Apr compared to forecast of 49.2. The RBA is expected to cut its interest rates from 2.25% to 2% in the meeting tomorrow.
  
• On the upside AUD/USD is facing major resistance around 0.7860 (Tenken-Sen) and any break above will extend gains till 0.7920 (20 day 4HMA)/0.79650.
  
• The pair is facing strong support around 0.7790 and break below will drag the pair further down till 0.7740 /0.7709.

Indicator (4 Hour chart)

CCI (50) - Sell

 CCI (14) - Sell

Ichimoku- Sell

It is good to sell on rallies around 0.7860 for the target of 0.7705 with stop around 0.7920.

Resistance

R1- 0.7860

R2-0.7920

R3-0.7965

Support

S1-0.790

S2-0.7740

S3-0.7705