AUD/USD: The Australian dollar plunged as the Reserve Bank of Australia is seen all but certain to slash its cash rate again at its July 2 board meeting to a new all-time low of 1.00 percent. Moreover, the selling pressure around the major intensified after data showed China’s factory activity unexpectedly shrank in June as domestic and export demand faltered. The Aussie trades 0.4 percent down at 0.6993, having hit a high of 0.7034 earlier, it’s highest since Jun. 7.
Investors will continue to track overall market sentiment, ahead of U.S. economic releases. Immediate support is seen at 0.6964 (June 7 Low), a break below targets 0.6925 (June 12 Low). On the upside, resistance is located at 0.7069 (Apr. 30 High), a break above could take it near 0.7097 (Mar. 13 High).
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