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The Australian share market has snapped its four-day winning streak, closing modestly lower after it failed to rise above a level closely watched by short-term traders.

The S&P/ASX200 benchmark index finished down 22.6 points, or 0.41 per cent, at 5,550.4 points, while the All Ordinaries index closed down 19.3 points, or 0.34 per cent, at 5,660.8.

In the opening minutes, the ASX200 traded as high as 5,610.8, its highest level in 10 weeks, but quickly ran out of steam.

The Australian dollar was buying 65.55 US cents, up from 65.43 US cents on Wednesday.