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AUD/USD benefitted from Treasurer Morrison...>

AUSSIE
AUSSIE: AUD/USD benefitted from Treasurer Morrison winning the run off to become
the new AU PM. He is viewed as more fiscally responsible than his main
competitor, and bookies favourite Peter Dutton.
- Morrison's victory allowed the pair to hit a high of $0.7290, last $0.7285.
- AUD/USD's failure to reclaim $0.7380 has turned the technical picture
negative, although the rate has moved back above alternating support/resistance
($0.7250/55). Bears need a move back below this region to target the YtD low
($0.7203). For the bulls, a break back above the week's high is required to
challenge down trendline resistance from the Jan high ($0.7410) followed by
channel top resistance ($0.7453).
- Q2 CapEx data provides the highlight of the AU docket next 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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