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Touches new cycle low The rate.........>

AUSSIE TECHS: Touches new cycle low
The rate appeared to trip stops on the way through the May lows, hitting fresh
cycle lows at 0.6850 - levels not seen since the early January flash crash. A
close at current levels would be the first since 2009, leaving little fuel for
bulls to lift the rate higher. AUD/USD continues to generate a clean sweep of
bearish sentiment, according to the MNI FX Technical Signal Monitor. Monday's
moves open a decline to the 0.6825/40 area, which registered a series of
previous lows through Jan 2016. The 1.618% swing target of the recent recovery
off 2019 lows of 0.6865 to 0.7023 is placed behind at 0.6767. Bulls need to
recover the 0.6931 21-dma & 0.6937 Jun 13 high, before returning the focus
towards the 0.70 level.

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