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Consolidates Above $0.7200

AUSSIE

AUD/USD advanced past last week's highs on Monday, initially fuelled by a spillover from a strong demand for AUD/NZD. Firmer commodity prices helped the Aussie retain its strength and it topped the G10 pile, with AUD/USD establishing itself above the $0.7200 mark.

  • The rate sits -3 pips at $0.7211 at typing. Bullish focus falls on Aug 5/7 highs of $0.7241/43 and a rally above those levels would open up Feb 2019 high of $0.7284. Bears need a fall through Aug 12 low of $0.7109 to bring Aug 3 low of $0.7076 into play.
  • The RBA will publish minutes from its Aug MonPol meeting today. Later in the week, focus turns to Friday's flash CBA PMIs & ABS preliminary retail sales.

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