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Positive rhetoric surrounding U.S.-China.....>

AUSSIE
AUSSIE: Positive rhetoric surrounding U.S.-China trade talks and NAFTA
negotiations supported AUD/USD on Wednesday, as the USD traded on the back foot.
The WSJ headlines noting that the U.S. is proposing a new round of trade talks
w/China provided the cross with the most notable boost on the day, AUD/USD last
deals at $0.7175.
- Bulls will have gained heart as the pair breached double-top resistance
($0.7130/35) but still need a close back above $0.7305/10 to alter the short
term outlook in their favour. The September 07 high ($0.7203) provides the
initial point of resistance. Conversely, bulls target a close below the
September 11 YTD low ($0.7085), to open up a move toward the key $0.7000
psychological level which is reported to hold option-related support.
- The AU labour market report headlines the domestic docket today.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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