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AUD/USD based ahead of $0.7180 on Monday.....>

AUSSIE
AUSSIE: AUD/USD based ahead of $0.7180 on Monday to keep the rate's recent
uptrend intact, with the prospect of a split Congress in this week's U.S.
Mid-term elections adding some modest weight to the USD. Rate last $0.7213.
- Focus today falls on the RBA MonPol decision. The RBA is set to leave its cash
rate unch. at 1.50%. Focus will quickly turn to the statement, with the Bank set
to make inference regarding its upcoming econ projections, due Friday.
Housing/consumer activity will be eyed. Q3 CPI won't alter the RBA's view, as it
had previously flagged the impact of one off drags on inflation in Q3, with the
core measures meeting the Bank's exp. Comments regarding the labour mkt will
provide more interest after the unemployment rate fell to 5.0%, although the
move was driven by a fall in the participation rate.
- Bulls target a break of $0.7259, before focusing on the 100-DMA & 23.6% of the
2018 range at $0.7269/84 to extend gains. Bears need to break back below the
50-DMA at $0.7163 to test broken down trendline resistance-turned-support from
the Feb highs.
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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