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AUSSIE: AUD/USD operates just shy of best levels at $0.7460, as the AUD is
boosted by an uptick in risk appetite after the U.S.-China trade spat failed to
escalate further over the weekend
- Bears failed to capitalise on a fresh YtD low last week, with the pair
printing best levels for the week on Friday, despite the imposition of the U.S.
tariffs on China, with China retaliating instantly. - Bulls now need a close
above $0.7481 (High June 15) to hint at a move back to $0.7615-0.7735. Daily
studies are well placed for a fresh leg higher before overbought becomes an
issue. The pair has cleared the initial resistance points of $0.7444 (July 06
high) & $0.7449 (1.618% swing $0.7409-0.7346), last dealing around 0.7461 (Jun
18 high). Bears need a close below $0.7413 today to ease pressure on the $0.7481
- AU focus this week will fall on tomorrow's NAB business survey.
MNI London Bureau | +44 0203-865-3809 |