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AUD/USD benefitted from the broader USD......>

AUSSIE
AUSSIE: AUD/USD benefitted from the broader USD pullback on Monday, registering
a high of $0.7357, before easing during Asia-Pacific hours on Tuesday, as the
pair faltered in front of Monday's high, with lacklustre Chinese stocks, a surer
footing for the USD & comments from Trump pointing to a longer horizon re: a
U.S.-China trade talk hindering the Aussie's performance.
- A close above the Aug 21 high ($0.7381) is required to turn the pair's outlook
bullish. Trendline resistance from the Jan high ($0.7410) may also slow progress
on any approach, followed by channel top resistance ($0.7453). Bears continue to
focus on the YTD low ($0.7203), which needs to hold to prevent any potential
downside acceleration. Monday's low ($0.7307) provides initial support.
- Thursday's Q2 CapEx data provides the focal point on the AU docket this week.
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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