Earlier in the session we saw the release of AUD retail sales (0.2% vs. 0.3% forecast), as well as HSBC China PMI (54.3 vs. 54.5 forecast). However, the reaction to the number has been limited thus far. Initial support sits at 0.9590 (previous session low), followed by 0.9528 (low price from May 29th). First resistance sits at 0.9647 (the 9dma), followed by 0.9685 (high price from previous day).
Short term moving averages on the 1 hour chart are in neutral set up, while the RSI (14) is still sitting in the bearish zone between 60 and 20. However, it should be noted the RSI (14) is showing multiple bullish divergences on both the 1 hour and daily charts. This development could help influence some type of counter trend rally in the coming session.
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