A couple of negatives today. First the RBA reporting its AUDUSD sales in June amounted to A$1.94 bio and secondly the China GDP number which had been leaked earlier with traders sitting long against it.
Some analysts are even saying that given the challenges in the economy the RBA might keep selling AUD above 80c to add support to terms of trade and help its policy efforts.
On the downside, watch 7950, the 20 day moving average. Topside, its last night’s high at 8050. A little support here at 7980 for the time being with sellers just above 8010 looking to sell their earlier longs.
