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AUSSIE: AUD/USD shed 10 pips overnight, landing at $0.7007, where it sits at
writing. The Aussie was weighed on by NAB's decision to change its RBA call to
two 25bp cuts to the policy rate in July and November of this year, before the
latest Chinese trade data, which revealed a narrower than expected trade
surplus, and a particularly weak breakdown, added further pressure to AUD.
- The initial layer of support is provided by the nearby lower Bollinger band
(2%) at $0.7003, which limited losses overnight. Below here opens the Jan 4 low
of $0.6994, followed by the lower Bollinger band (3%) at $0.6953. Conversely,
bulls target the lower 1.0% 10-DMA envelope at $0.7019 and a breach of that
level would open up $0.7054, which represents the 100-HMA.
- Worth mentioning A$1.48bn worth of options with strikes at $0.7000 expires at
today's 1000ET NY cut.
- Australian focus next week turns to remarks from RBA Dep Gov Debelle, as well
as NAB business confidence data, both scheduled for Tuesday.