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AUD/USD has operated in a narrow range,......>

AUSSIE
AUSSIE: AUD/USD has operated in a narrow range, with the recent leg lower in
NZD/USD spilling over a touch, pushing the pair to a low of $0.7355 before the
resumption of risk on flows saw the cross tick ever so slightly higher, last
$0.7365.
- On the central bank front, the Reserve Bank of Australia is well and truly on
hold, and the RBA hasn't had to use forward guidance, Governor Philip Lowe said
Wednesday, in a comment that confirms an insight published by MNI earlier that
the RBA's next rate move message was never intended to be a form of forward
guidance.
- $0.7347 (YtD low) provides initial support, with a break having the potential
to open up a move to $0.7326 (monthly low from May 2017). Layers of resistance
are weighing with bulls needing a close above $0.7430 to gain breathing room.
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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