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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.