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AUD/USD: bears taking back control after Chinese exports

FXStreet (Guatemala) - AUD/USD is currently consolidating trading at 0.7288 with a high of 0.7364 and a low of 0.7253.

Lower than expected Chinese exports have weighed on the commodity bloc currencies, and AUD/USd is no exception. AUD/USD was initial bid post the trade data having been drifting lower prior to the release, but supply came in soon afterwards punishing over committed bulls who were holding out for a score onto the 0.74 handle. The major commodity currency lost the 0.73 handle and lost ground to as low as 0.7254 in London.

The only saving grace for the bulls might be weaker than expected data from the US this week. Fed's Bullard spoke and suggested that it is unlikely that a hike will come this month and we await retails sales, industrial production, CPI's the beige book.

AUD/USD neutral

Technically, continued failures on the upside and a break below 0.7200 opens-up a medium term target back towards the September low at .6940 ahead of 0.6905 recent low and the 0.6774 2004 low.

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