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Having breached pivotal support and the......>

AUSSIE
AUSSIE: Having breached pivotal support and the key $0.70 level yesterday, we
noted in an analysis piece that AUDUSD remains bearish, highlighting seasonal
factors that has seen AUDUSD post losses in the last five quarters (See email
AUDUSD Breaks Pivotal Support Jan 2 1549BST). The FX flash crash heightened by
thin liquidity during the NY/Asia crossover saw the rate touch lows of $0.6741,
a level not seen since 2009. Rate recovered off the low extending the move to
$0.6965 in early Europe. Near-term resistance is seen at $0.6973 which
represents the 76.4% retracement of $0.7045-0.6741, above here would see bulls
target a break back above broken support-turned-resistance at $0.7004.

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