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Shallow Bounce Gains were capped ahead of....>

AUSSIE
AUSSIE: Shallow Bounce
Gains were capped ahead of 0.7150 yesterday which keeps the broader bearish
trend intact. Recovery efforts have so far remained shallow with AUDUSD drifting
back under the 0.7100 level. This puts focus on the ytd low at 0.7021, a break
opens a move toward the 0.70 psychological level ahead of the 2016 low at
$0.6827. Bulls need a close above the 50-dma at 0.7196 to mount a recovery.
Above here opens the 100-dma at 0.7213, ahead of the 61.8% retracement level of
the December downtrend at 0.7302.

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