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Thursday saw AUD/USD draw support from a.....>

AUSSIE
AUSSIE: Thursday saw AUD/USD draw support from a broad range of factors on
Thursday, including the much wider than exp. AU trade surplus, warmer tones
between the U.S. & China, a stronger than expected PBOC CNY fix, a marginal beat
for the latest China Caixin manufacturing PMI & broader pressure on the USD
after Wednesday's month-end/SOMA flow, with local dividend/shareholder
compensation plans also touted as AUD positive.
- Rate last $0.7209.
- From a technical perspective AUD/USD is starting to form a bullish reversal
pattern with a break of the bear channel top & $0.7200 level noted, confirming
its biggest up day since March 2017. The close above opens the double-top
resistance area at $0.7238/43, ahead of the 100-DMA at $0.7274. Bears need a
break of the Oct 26 low at $0.7021 to regain control, which would open up the
psychological $0.7000 level.
- Aussie retail sales dominates the local docket today.
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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