AUD/USD has stuck to a ~10 pip range in......>

AUSSIE: AUD/USD has stuck to a ~10 pip range in early dealing on Friday, with

focus on AU political developments, last $0.7245.

- This comes after AUD/USD suffered on Thursday as political risk proved too

much, with attention remaining on challenges against PM Turnbull's leadership.

- The latest we have heard is that Peter Dutton, challenger for PM Turnbull's

leadership of the Liberal Party, has been deemed "not incapable" of sitting in

parliament according to reports.

- AUD/USD's failure to reclaim $0.7380 switches the picture negative, with the

pair now below alternating support/resistance ($0.7250/55). This keeps bears

focused on a move toward the YtD low ($0.7203), with the Aug 16 low ($0.7219)

providing initial support. For the bulls, a break back above the week's high is

required to challenge down trendline resistance from the Jan high ($0.7410)

followed by channel top resistance ($0.7453).