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AUSSIE: AUD/USD came under pressure in early Asia-Pacific dealing, on the back
of modest risk aversion and a much softer than exp. AU building approvals
release. That was before the rate managed to move to session highs of $0.7197 on
the back of reports pointing to positive developments surrounding Italian fiscal
matters, although it ultimately failed to reclaim the key $0.7200 level.
- The rate has eased since and last deals at ~$0.7185.
- Nearby support is located at the September 18 low ($0.7144). Bigger picture,
the pair's close below $0.7200 brings the September 11 YTD low ($0.7085) into
play, ahead of the psychological $0.7000 level which is reported to hold
option-related support. Bulls need to reclaim $0.7200 and the 21-DMA in place
just above the figure to provide a degree of stabilisation, before attempting to
move towards the September 28 high ($0.7241).
- AU interest now turns to retail sales and trade data due later this week, as
well as an address from RBA's Heath.