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Tuesday Sees Sideways Trade

AUD

AUD/USD traded sideways on Tuesday, sticking to a fairly narrow range. The pair posted a fresh multi-week low in the process, but ticked away from there.

  • With the rate sitting -6 pips at $0.7222, bears eye Oct 1 low of $0.7192. A break here would open up Sep 29 low of $0.7170. Conversely, a clearance of Nov18 high of $0.7293 would shift focus to $0.7371, which capped gains on Nov15.
  • Quarterly completed construction work headlines the local docket today, but RBNZ monetary policy decision will be watched for any trans-Tasman spillover. Later this week, focus turns to Australia's private capex (Thursday) & retail sales (Friday).

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