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100-DMA Limits Losses

AUD

AUD/USD retreated Thursday as a combination of broader demand for the greenback and a pullback in crude oil prices conspired against the pair. The descending 100-DMA limited losses at $0.7383 and AUD/USD returned above the $0.7400 mark late doors. Cross-flows were also eyed in London hours, as the BoE unexpectedly stood pat on interest rates.

  • The rate last sits at $0.7406, up 5 pips on the day. A break below the aforementioned 100-DMA at $0.7381 would shift focus to Oct 13 low of $0.7324. Conversely, a jump above yesterday's peak at $0.7471 would expose the 200-DMA/50% retracement of the Feb - Aug sell-off at $0.7552/57.
  • The RBA will publish their latest Statement on Monetary Policy shortly (which we expect to be relatively inconsequential for markets). Next week, focus turns to NAB Business Confidence (Tuesday), Westpac Consumer Confidence (Wednesday) and jobs market data (Thursday).

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