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AUD/USD was pressured by the positive USD....>

AUSSIE
AUSSIE: AUD/USD was pressured by the positive USD tone early in EU dealing on
Wednesday, perhaps also hindered by the AU savings rate falling to a near 11
year low in Q2, leading to questions re: growth sustainability emerging after
the strong AU GDP reading, while the soft Chinese Caixin services PMI release
would have also limited AUD's upside. The rate registered a fresh cycle low
($0.7145), which tied in with the low from May 24 2016, but recovered as the USD
weakened, last trading at ~$0.7200.
- AUD/USD failed to close below bear channel base support ($0.7180), although
bears continue to focus on the aforementioned $0.7145, with a break opening up
the 1.618% swing target at $0.7092. Bulls need a break back above $0.7305/10 to
alter the short-term outlook.
- AU trade data provides the highlight of the AU docket today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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