The Australian dollar remained weak against its U.S counterpart after a break of 0.6908 low last week confirmed down trend resumption. Initial bias remains on the downside this week for 61.8% projection of 0.8161 to 0.6905 from 0.7384 at 0.6608 as 21 and 55 EMA is crossed downward with SSRC oscillator signalling further fall. On the upside, above 0.7001 minor resistance will turn bias neutral and bring consolidation before staging another decline.

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Later this week, investors will be awaiting data on Chinese fourth quarter growth, amid concerns over the outlook for the world’s number two economy.

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