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AUD/USD Consolidates Monday's Gains

AUSSIE

AUD/USD was well bid Monday as USD sank across the board. Greenback
sales outweighed concerns over simmering Sino-U.S. tensions and
worrying coronavirus situation in Victoria, allowing the rate to
smoothly take out Friday's highs.

  • Little seen out of Australia so far, the pair remains range bound and last
    trades at $0.7151, little changed on the day.
  • Bulls set their sights on Jul 22 YtD high of $0.7182 and a break here
    would give them a green light for targeting Apr 18, 2019 high of $0.7199.
    Conversely, the initial bearish target has been defined at $0.7063, which
    represents Jun 10 high and a former breakout level. Below there opens Jul
    21 low of $0.7010.
  • Australian CPI hits the wires tomorrow, building approvals come out on
    Thursday, while private sector credit & PPI are due Friday.

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