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Resistance Remains Intact


Trend Needle Points North


Bearish Outlook


WTI Sees Lowest Close Since January


Key Support Remains Exposed

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AUSSIE: AUD/USD has edged higher on the back of constructive trade rhetoric from
China's MOFCOM. In BBG headlines MOFCOM noted that "China is to push forward
with U.S. trade negotiations over the 90 day period." MOFCOM stressed that the
trade meeting was "very successful" and that it is "confident that it can
execute the trade talk results."
- Rate last $0.7348, hit a high of $0.7356 on the comments. Bullish exhaustion
ahead of the key $0.74 has been noted. Bulls continue to target a break of the
level which also holds the congestion zone seen in Jun-Aug. On the downside, a
close below $0.7300 would suggest a false bullish breakout.
- AU GDP data headlines today, with a focus on the household consumption
component, a focal point for the RBA.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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