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Showing Some Early Weakness

AUD

Broader greenback sales lent support to AUD/USD yesterday, but the rate has unwound some of those gains this morning. It last deals at $0.7412, a dozen pips lower on the day.

  • A break under Nov 5 low of $0.7360 would allow bears to take aim at Oct 13 low of $0.7324. On the flip side, a move through Nov 4 high of $0.7471 would clear the way to the 200-DMA/50% retracement of the Feb - Aug sell-off at $0.7550/57.
  • NAB Business Confidence improved to 21 in October from 10 recorded in September, "as lockdowns came to an end in both NSW and Victoria."
  • Australia's Westpac Consumer Confidence will hit the wires tomorrow, while consumer inflation expectations and jobs market data will be released on Thursday.

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