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AUD struggled Tuesday, with traders wary.....>

AUSSIE
AUSSIE: AUD struggled Tuesday, with traders wary ahead of today's key Q1 CPI
report. Another negative session for Chinese equities, and a softer industrial
metals complex also weighed.
- AUD/USD trades below $0.7100 as a result, last dealing at $0.7097. Initial
clustered support is located a touch below spot, with the April 8 low/38.2%
retracement of the move from $0.6741 to $0.7295 noted at $0.7088/83, followed by
Tuesday's intraday low at $0.7081 and the lower 1.0% 10-DMA at $0.7075. Bulls
need to recover the 100-DMA to open up a move to key resistance at the 200-DMA.
- Today's CPI print will be integral for short-term price action, and it is
worth highlighting that Australia will observe ANZAC Day on Thursday, so AUD
liquidity may be somewhat depleted post-CPI.
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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