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The $US appears to be getting a safety bid this week as the coronavirus picture deteriorates with the largely regarded recovery proxy the “Aussie” falling to fresh lows for 2021. At MM we are looking for a time to fade this migration away from the recovery / reflation trade and a test of our targeted 70c area by the $A will certainly put us on notice that a turnaround in sentiment could be close at hand.

MM is bullish the $A around 70c
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