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AUD/USD's recovery efforts briefly made a....>

AUSSIE: AUD/USD's recovery efforts briefly made a show above $0.7200 on Thursday
on the back of the soft U.S. ADP print & relatively dovish communique from Fed's
Williams. This of course came after ANZ & CBA's mortgage rate rises pressured
the AUD in Asia-Pacific dealing (focus on whether or not NAB follows today).
- However, continued failed breaks above $0.7200 keep the pair's downtrend
intact, with the rate last dealing at $0.7190. Focus remains on the YTD/May 24
2016 low ($0.7145), a break here would open up the 1.618% swing target
($0.7092), ahead of the key $0.7000 psychological level. Bulls need a break back
above $0.7305/10 to alter the short-term outlook and target the August highs
- AU housing finance data provides the highlight of the domestic docket today,
with the AU labour market report & NAB biz confidence survey due next week.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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