AUD underperformed overnight after the.......>

AUSSIE: AUD underperformed overnight after the release of RBA's SoMP, which

affirmed Governor Lowe's neutral rates policy bias and trimmed the GDP growth

expectations (aggressively over the short-term). Aussie touched extended

pullback lows of $0.7061 and sits bottom of the pile at the European crossover.

Near-term support is seen at $0.7040 from the lower 2.0% 10-dma envelope, a

breaks brings the 50% retracement of $0.6741-0.7295 into view at $0.7018. AUDNZD

traded back under NZ$1.05 to NZ$1.0471 with near-term support at NZ$1.0450/60.

This level holds a series of previous lows & 38.2% retracement of

NZ$1.0106-1.0670. AUDJPY eased to Y77.44, opening a move toward the Y77.00 level

(Y77.08 - Jan 10 low). EURAUD extended the rally to A$1.6060 which has seen the

cross break the 100 & 200-dma's and register gains of over 2% on the week.