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AUD/USD closed Monday with minor losses, losing around 2 pips to close at 0.7715 – the pair moved between 0.7747 and 0.7683.
- USD was generally bid after hitting lows during the Asia session on Monday, AUD was one of the higher beta G10 currencies that underperformed during the session. US President Biden reiterated he is willing to negotiate the size of the latest stimulus package, and his administration solidified its wait and see stance around the relationship with China.
- AUDUSD continues to trade below recent highs and within this year's sideways range - a flat correction that reinforces the underlying bullish outlook. The range has defined key directional parameters at 0.7820, Jan 6 high and 0.7659, Jan 18 low. A break higher would confirm a resumption of the underlying uptrend and pave the way for strength towards 0.7885. On the downside, clearance of 0.7659 would instead signal the start of a possible corrective pullback
- There is no domestic data released today; markets await CPI data on Wednesday which will be released alongside the NAB business conditions survey. Liquidity is likely to be thin with domestic markets closed for Australia Day.