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AUDUSD is trading 5 pips or so softer on.....>

AUSSIE
AUSSIE: AUDUSD is trading 5 pips or so softer on the session at 0.7575,
operating in a tight 11 tick range.
- The Aussie failed to generate any upside momentum in lieu of some modest
Chinese official PMI beats, with the April Melbourne Institute inflation index
easing to 2.0% Y/Y from 2.1% in March.
- Focus falls on tomorrow's RBA MonPol decision & Friday's SoMP. With no change
expected at the MonPol decision, participants will eye any nuanced shifts in
rhetoric & scour the latest batch of economic projections in the SoMP.
- From a technical perspective immediate focus remains on AUDUSD's Dec lows
(0.7498). Oversold daily studies and the Bollinger base ($0.7540) are concerns
for bears. However, layers of resistance accumulating add weight to the bearish
case with bulls needing a close above hourly resistance from April 23 (0.7648)
to ease bearish pressure.
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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