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Selling Pressure Abates

AUD

A spell of sideways trade Tuesday allowed AUD/USD to snap its two-day sharp sell-off. The rate clawed back its initial losses and advanced to the intraday high of $0.7227 before trimming gains into the WMR fix.

  • The rate last operates at $0.7193, little changed on the day. Bears look for a slide through the 61.8% retracement of the Jan 28 - Mar 7 upleg at $0.7149 `before targeting Feb 24 low of $0.7095. Bulls see Mar 10 high of $0.7368 as their initial target.
  • Domestic data docket for the remainder of the week is headlined by monthly labour market report, due to cross the wires tomorrow.

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