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Greenback Bounces To Three-Week Highs


Downtrend Remains Intact


Gold, Silver Under Pressure


Holding Below Key Short-Term Resistance

AUSSIE: AUD/USD has operated within in a 15 pip range thus far, last trading 10
pips better off at $0.7440.
- Bears failed to capitalise on a fresh YtD last week, with the pair printing
best levels for the week on Friday, despite the imposition of the U.S. tariffs
on China, with China retaliating instantly.
- Bulls now need a close above $0.7481 (High June 15) to hint at a move back to
$0.7615-0.7735. Daily studies are well placed for a fresh leg higher before
overbought becomes an issue. More apparent initial resistance comes in the form
of $0.7444 (High July 06), followed by $0.7449 (1.618% swing $0.7409-0.7346)
then $0.7451/61 (38.2% retracement of the move from $0.7677 to 0.7311, Jun18
high). Bears now need a close below $0.7413 today to ease pressure on the
$0.7481 resistance.
- AU focus will fall on tomorrow's NAB business survey.
MNI London Bureau | +44 0203-865-3809 |