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AUD the worst performer this morning

Market Analysis

AUDUSD, H1                  

Sterling and the Aussie dip down – AUDUSD has settled after diving in the Sydney session, which was followed by a brief extension lower in the early London hours, leaving a two-day low at 0.7818. The Aussie buck still remains 0.56% for the worse on the day. The selling spark was the biggest contraction in Australian retailing sales in four years, with retail turnover unexpectedly contracting by 0.6% m/m, contrary to expectations for 0.3% m/m growth. This follows the RBA’s neutral policy guidance that was conveyed in last week’s September policy review’s accompanying statement, which had disappointed some looking for hawkish tilt. AUDUSD has been trending lower for a month now, and we expect more is to come. Resistance is at 0.7851-52, while trend projections point to the low 0.77s. Intra-day there is strong resistance at 0.7845 and 0.7836 with support at 0.7815 and 0.7800 on the H1 chart.



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Stuart Cowell

Senior Market Analyst


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