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AUD/USD briefly gave way through $0.7100.....>

AUSSIE: AUD/USD briefly gave way through $0.7100 overnight, with talk of fund
selling filling exporter bids & a softer open for the yuan also aiding the move.
This allowed the cross to register a low in line with the 1.618% swing target at
$0.7092, before recovering to ~$0.7125, last $0.7120.
- AUD had little reaction to the latest NAB Business survey.
- Bears focus on a clean break of $0.7100 and the 1.618% swing target at
$0.7092, ahead of the key $0.7000 psychological level. Bulls need a break back
above $0.7305/10 to alter the short-term outlook in their favour.
- Participants look to Thursday's labour market report as the next major AU
domestic catalyst.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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