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Back Under Pressure

AUD

A strong US NFP number on Friday lifted the greenback which saw AUD/USD drop to intraday lows of 0.7347, the pair recovered slightly into the close at 0.7356. AUD is under pressure in early trade today, AUD/USD dropping out of the bottom of its Friday range, last down 22 pips at 0.7334.

  • From a technical perspective AUD/USD remains in a range. The trend outlook is unchanged and bearish. This follows the recent breach of a channel base drawn from the Feb 25 high. Despite the fact that price has moved back inside the channel area, the move lower marks an important technical break, signalling potential for 0.7235 next, a 1.236 projection of the Feb 25 - Apr 1 - May 10 price swing. On the upside, initial resistance is at 0.7429, Jul 19 high.
  • Focus will remain on the local coronavirus situation with case numbers picking up again near the end of last week. NSW Premier Berejiklian said vaccination was key as the state aims to speed up its vaccination drive. Foreign reserves is the only data on the local docket today, markets await the NZB survey tomorrow.
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