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AUD/USD Nears YtD Highs As Gold Extends Rally

AUSSIE

AUD seems to like the yellow metal's surge and the greenback's retreat, as
it takes the lead in G10 FX space. AUD/USD trades +20 pips at $0.7169, off
an earlier session high of $0.7177. The key resistance from Jul 22 high of
$0.7182 is in sight and bulls need a break here to bring Apr 18, 2019 high
of $0.7199 into play.

  • The Aussie has looked past local data releases, which continued to show the
    effects of Covid-19 resurgence. Total payroll jobs decreased by 1.1%
    between mid-Jun and mid-Jul, per the ABS. Elsewhere, ANZ Roy Morgan Weekly
    Consumer Confidence Index ticked lower still.
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