AUD has ticked higher on better than.........>

AUSSIE: AUD has ticked higher on better than expected local housing finance

data, but it has been a pretty tight session for the AUD/USD cross, with the

rate last dealing +7 pips at $0.6853, sticking to an 18 pip range.

- Last week's break and close above $0.6822, the high of Aug 8 and key

resistance, signals a trend reversal from a technical perspective. The 50-DMA at

$0.6864 provides the initial point of resistance, with any break there opening

$0.6880, the 50% retracement of the Jul 19-Aug 7 sell-off. Meanwhile, bears

target a quick move back below the aforementioned $0.6822 level, followed by

$0.6800, which would allow them to regain some poise.

- Participants have had to be cognisant of the latest round of PBoC RRR cuts,

announced Friday, and disappointing Chinese trade data released over the

weekend.

- The NAB business survey, due Tuesday, provides the highlight of this week's

local docket.