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AUD/USD continues to operate on the front....>

AUSSIE: AUD/USD continues to operate on the front foot, aided by the increase in
risk appetite that has been evident in the early part of this week, which has
allowed the cross to move further away from last week's YtD low ($0.7311), to
last deal at ~$0.7480.
- Today's AU NAB business survey provides the main domestic point of interest
this week. The prior confidence metric stood at 6, with the prior conditions
reading standing at 15. ANZ think "Australian business conditions should post a
solid improvement in June. The decline in May was somewhat disappointing, but
strength in other business surveys suggests that sentiment remains elevated. The
details of the report, including capacity utilisation and business profits,
continue to be a point of interest, given their current positive signals for the
labour market."
- Bulls now need a close above the 55-DMA ($0.7499) to hint at a move back to
$0.7611-0.7735. Daily studies are well placed for a fresh leg higher before
overbought becomes an issue. Bears now need a close below the 21-DMA ($0.7419)
to ease bullish pressure.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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