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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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AUSSIE: AUD/NZD sales on the back of the NZ Manufacturing PMI uptick & traders
booking profit on the rally from the cycle low weighed on the AUD/USD cross in
early Asia trade.
- The latest round of Chinese activity data was largely ignored, although the
modest beat in retail sales may have helped AUD base, with the rate reclaiming
$0.7200 later in the session.
- Bulls look for a close above the figure to open up a move toward the
$0.7305/10 area in an attempt to stage a reversal. The failure to hold $0.7200
will keep the YTD low ($0.7085) in play, ahead of the key $0.7000 psychological
level which is reported to hold option-related support.
- AUD traders' focus has switched to the release of the minutes from the RBA's
latest MonPol decision, on Tuesday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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