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AUSSIE: AUD/USD has struggled in early dealing this week, last operating at
session lows of $0.7208, as the USD trades firmer against the majors (ex.-CAD,
which has pulled back from best levels vs. the USD).
- The rate had limited/no notable reaction to the soft Chinese m'fing PMI
surveys released over the weekend, although it is worth noting that the official
non-manufacturing beat exp.
- Lower tier domestic data also did little for AUD traders on Monday.
- AUD/USD failed to hold above the 50-DMA with the subsequent reversal extending
to $0.7202 on Friday. Bears now target a break of the $0.7200 level, where the
21-DMA currently resides. Through here brings the YTD low at ($0.7085) back into
play. Bulls need a close above the 50-DMA ($0.7289) to improve the short-term
outlook and extend the recovery.
- Participants will focus on the rhetoric employed in tomorrow's RBA MonPol
decision, with all of those surveyed expecting no change in the Bank's cash
rate, ahead of AU retail sales & trade data, as well as an address from RBA's
Heath later this week.