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AUD/USD rose towards the psychological.......>

AUSSIE
AUSSIE: AUD/USD rose towards the psychological $0.7000 level on Wednesday, but
failed to test the level and pulled back in London hours. A subsequent rally
into the WMR fix failed to bring earlier highs into play, but the pair still
finished slightly better off. It drew support from firmer risk sentiment and a
broader USD sell-off, even as Treasurer Frydenberg confirmed that Australia has
entered its first recession in 29 years.
- AUD/USD trades flat at $0.6919 as we type, with bulls looking for a rally
above Wednesday's peak at $0.6983. A break above that level would open up Dec
31, 2019 high of $0.7032, the key near-term resistance. Meanwhile, a retreat
under Wednesday's low of $0.6857 would expose Jun 2 low of $0.6775.
- As a reminder, PM Morrison is expected to reveal the details of a new stimulus
package, focusing on construction industry today. On the data front, focus in Oz
turns to domestic retail sales and trade balance, both due later today.

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