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The AUD/USD cross has operated either side...>

AUSSIE
AUSSIE: The AUD/USD cross has operated either side of $0.7400 this morning, last
trading just shy of the figure, with the latest move higher in the USD/yuan
crosses limiting the AUD overnight.
- The structure of Friday's rebound has remained corrective suggesting that the
overall bearish trend remains in place. The near-term pivotal point at $0.7398
remains key & the cross has struggled for traction above the level this morning.
Bearish daily momentum indicators suggest the focus can quickly return to the
lower end of the recent trading range at the $0.7311 level. A move below here
delivers a clear bearish signal.
- AU retail sales, due Friday, provide the headline Aussie risk event this week,
with participants also set to keep an eye on the trade balance release due
Thursday. This all comes ahead of next week's RBA MonPol decision.
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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