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Spot AUD/USD is back above the 0.77 handle, the pair last trades at 0.7702. After dropping in the European morning AUD/USD recovered to touch 0.7715 as the greenback endured a second day of losses and risk assets were supported.
- Earlier in the session ANZ released weekly consumer confidence figures. The headline index dropped to 111.4 from 112.1, the sub-components of the index were also mostly weak.
- AUDUSD recovered Friday and closed at session highs. Friday's price action is being monitored as a possible reversal signal with initial resistance at 0.7704, topped to open 0.7782/0.7820, the bull trigger. For now, S/T conditions remain bearish though and scope is seen for a pullback as part of a corrective cycle with momentum studies trending down and unwinding a recent overbought reading. A break of 0.7564, Feb 2 low would resume the downtrend open 0.7517, Dec 22 low.
- Participants look ahead to the NAB business survey at 0030GMT/1130AEDT. Volumes are expected to be thin in the timezone as the LNY period approaches.