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, but the pair has stabilised, last dealing at

$0.7415. 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.

- Focus is likely to remain on global risk appetite, with one eye on a raft of

Chinese data, including Q2 GDP, scheduled for Monday.