Any notion of an AUD recovery was quelled....>

AUSSIE: Any notion of an AUD recovery was quelled for the time being on Monday,

following Bloomberg reports that the U.S. is planning another wave of sanctions

on Chinese imports should the upcoming Trump-Xi talks breakdown with no

agreement, which pushed AUD to the bottom of the G10 pile, although subsequent

reports from Fox re: White House unaware of any new developments pertaining to

the BBG story limited the moves.

- AUD/USD last deals at $0.7060. The rate remains in the grips of a solid

downtrend with today's spike to $0.7120 doing little to alter the bigger

picture. This level now becomes resistance, with bulls looking to break above

here to challenge the Oct 17 high at $0.7160, above which the $0.7200 level and

the bear channel top would come into play. On the downside, Friday's low at

$0.7021 lies just ahead of the psychological $0.7000 level. A break below this

area would likely accelerate the broader downside move, opening channel base

support & Jan 26 2016 low at $0.6920/19.

- RBA's Bullock & domestic building approvals data are due later today.