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Under Mild Pressure


AUD/USD has inched lower, last changes hands -9 pips at $0.7392, despite some positive musings on Australia's Covid-19 front and even as China's trade surplus beat expectations.

  • A break below $0.7360, which limited losses on Nov 5, would turn bearish focus to Oct 13 low of $0.7324. Conversely, a rebound above Nov 4 high of $0.7471 would bring the 200-DMA/50% retracement of the Feb - Aug sell-off at $0.7551/57 into play.
  • Focus in Australia turns to NAB Business Confidence (Tuesday), Westpac Consumer Confidence (Wednesday) as well as consumer inflation expectations & labour market report (Thursday).

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