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AUD/USD is under pressure early in Asia, last down 7 pips, adding to the losses seen on Friday. The pair last trades at 0.7690 down 13 pips, after closing around 75 pips lower on Friday as negative risk sentiment weighed on the pair.
- AUD/USD is still trading below the recent high of 0.7820, Jan 6 high. Although the uptrend remains intact, there is a risk the pair will retrace lower short-term in a move that would be considered a correction and this would allow an overbought condition to unwind. The key support to watch is 0.7666, Jan 11 low. A break would expose 0.7600 and below. Immediate support is seen at Friday's low of 0.7680. On the upside, clearance of 0.7820 resumes the uptrend.
- Looking ahead markets await a data dump from China (GDP, Industrial Production, Retail Sales) due today. Diplomatic relations between the two countries appear to have thawed slightly, there were reports on Friday that China is considering accepting some stranded Australian coal cargoes, an effort that would help ease a logjam of vessels that have stacked up off its coast for months.
- The latest CFTC data showed leveraged funds' AUD longs rose by the most since September while asset managers boosted theirs for a fourth week, to the highest since mid-October 2020.