After underperforming on Tuesday, AUDUSD.....>

AUSSIE: After underperforming on Tuesday, AUDUSD has added around 10 pips to

trade at ~0.7690 in early Asia-Pacific dealing, while AUDNZD is 20 pips higher

at 1.0585.

- Domestic risk events are virtually non-existent this week, meaning that focus

is now well & truly on next week's RBA MonPol decision, which will follow the

elongated holiday weekend. On the wage front, BofAML noted that during a recent

visit to Australia, most clients did not expect labour market strength to

translate to higher wage growth for now. BofAML stated that "we return from

Australia comfortable with our moderately bearish view on FX but cognizant of an

already downbeat consensus. Trade tensions & funding stress dominated

discussions with surprisingly little focus on the near term path of Chinese

demand. There was a strong consensus that RBA will be on hold this year and

AUDUSD will be slightly weaker, low 0.70s was the most bearish view."

- AUDUSD hourly resistance lies 0.7718, with the next level of interest above

being the Mar 22 high of 0.7784. To the downside, the 2018 low of 0.7669

provides initial support followed by the Bollinger band base at 0.7650.