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AUD pressured in the wake of very weak.......>

AUSSIE
AUSSIE: AUD pressured in the wake of very weak local building approvals data
allowing AUD/USD to trade as low as $0.6706, back to $0.6711 at writing, which
is 17 ticks softer on the day.
- The technical picture remains intact. Activity since Aug 7 has now clearly
defined directional parameters at $0.6677 & $0.6822. A break < the YtD low at
$0.6677 would confirm a resumption of the downtrend, opening $0.6600 initially.
For bulls, a break of $0.6822, the high of Aug 8, would signal a trend reversal
& open $0.6880 initially.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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