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Giving Back Early Gains

AUD

AUD/USD has given back early gains, the pair last trades flat on the session having earlier seen gains of up to 23 pips. Sentiment was dented after reports that China Evergrande's Hong Kong equity listing, along with its property management unit's listing, will be suspended. Attention is 0.7106, the Aug 20 low and bear trigger - a breach would confirm a resumption of the downtrend that started late February. Firm resistance is seen at 0.7335, the 50-day EMA.

  • A reminder that local markets will be thinned by the observance of the Labour Day holiday in NSW & the ACT, while the China holiday is also expected to keep things quiet.

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