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AUD/USD has edged away from best levels on...>

AUSSIE
AUSSIE: AUD/USD has edged away from best levels on the back of the Liberal Party
leadership contest, to last deal at ~$0.7335.
- After breaking and consolidating above the weekly range on Friday, the pair
held up on Monday, shifting the short-term focus to the August 3 low, now
resistance ($0.7348), which held in early Asia-Pacific dealing. A close above
here would allow the pair to break back into its previous trading range and
switch bulls' focus to channel top resistance ($0.7453). Bears need to break
Friday's low ($0.7253) to shift momentum and open up a test of the YtD low
($0.7203).
- Participants look to the minutes from the RBA's most recent meeting later
today after RBA Governor Lowe offered little to no fresh insight in an address
made early this morning.
- On the political front Peter Dutton has resigned from his role in the
Australian cabinet after losing the leadership spill within the Liberal Party.
His resignation was a given, eyes now the lookout for any other resignations
from within the cabinet.
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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