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Free AccessAUD/USD has pulled back from lows and last...>
AUSSIE: AUD/USD has pulled back from lows and last sits at $0.6796, 6 pips worse
off. The initial downswing was driven by a BBG source report stating that "the
U.S. is holding off on a decision about licenses for U.S. companies to restart
business with Huawei."
- The early dip took AUD/USD below $0.6800, shifting bearish focus to the
$0.6750-46 area, which limited loses on Aug 5, 6 & 8. The lower 1.0% 10-DMA
envelope comes in at $0.6741, providing the next bearish target. Bulls would be
pleased by taking out the 38.2% fibo retracement of the Jul-Aug fall at $0.6832.
- The Aussie received a boost yesterday from a stronger than expected PBoC yuan
fix. This ignited upside momentum in AUD/USD, which ran out of fuel only towards
the end of the day. A knee-jerk spike higher to the session peak was noted
pre-WMR fix, as U.S. Pres Trump complained about the strong USD.
- Australian focus today turns to RBA Gov Lowe's semi-annual testimony to
lawmakers and the central bank's Statement on Monetary Policy. Participants will
also watch Chinese inflation data. It goes without saying that any developments
Sino-U.S. trade matters will be of note.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.