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AUSSIE TECHS: Bulls and Bears at Loggerheads
The rate took a decent hit on the back of soft Chinese PMIs, knocking sentiment
toward AUD with a brief move under 0.7050. This was repeated again later in US
hours, with Tuesday's volatility suggesting that neither bulls or bears are able
to gain a foothold. Topside focus remains on a break of the 0.71 level & 55-dma
at 0.7106. A close above is needed to suggest a broader recovery, opening the
key 200-dma at 0.7176 ahead of the April 17 high at 0.7206. Bears look for a
close below the 0.7000 level, with a break of the April 25 low at 0.6988
shifting the focus back to the Jan lows.