AUD/USD consolidated above $0.7400 late on...>

AUSSIE: AUD/USD consolidated above $0.7400 late on Thursday, aided by a a

slightly softer than expected m/m U.S. CPI release, and as risk assets recovered

to a degree, with a lack of immediate escalation in the U.S.-China trade war

after the U.S. outlined the latest round of tariffs to be imposed on China

earlier this week, with a strong rally in Chinese stocks headlining.

- AUD/USD threatened a clean break below $0.7400 in early Asia-Pacific dealing,

with USD on the front foot, last dealing at $0.7407. Initial support is noted at

yesterday's low ($0.7357). Bears continue to look for a close below the YtD low

($0.7311) to shift focus to tests of the 2017 lows. Daily studies are well

placed for a fresh leg lower. Layers of resistance have followed the pair lower

and add to bearish confidence. Bulls now need a close above the July 09 low

($0.7423) to gain breathing room and above the 55-DMA ($0.7490) to hint at a

move higher.

- There is little in the way of Australian tier one data apparent during the

remainder of the week, so focus is likely to remain on global risk appetite.