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AUD/USD added 8 pips overnight and last......>

AUSSIE
AUSSIE: AUD/USD added 8 pips overnight and last trades at $0.7020. Despite
edging lower early doors, the pair advanced through the session before printing
a reaction low of $0.6999 after the RBNZ delivered a 25bp cut to its OCR.
However, AUD/USD immediately retraced the move and climbed further, topping out
at $0.7027.
- The initial layer of resistance is provided by $0.7053/55, where the rate
peaked on Apr 2/3. Above here opens $0.7061, which capped gains on Apr 26, Apr
29 & May 1. Conversely, a dip through $0.7000 would bring Monday's multi-month
low of $0.6963 into play.
- The RBA's SoMP, due Friday, may provide more clarity re: yesterday's MonPol
decision. Elsewhere, focus falls on Chinese inflation data, due tomorrow, and
any fresh developments in Sino-U.S. trade spat.

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