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AUD/USD edged lower in today's...............>

AUSSIE
AUSSIE: AUD/USD edged lower in today's Asia-Pacific session and last deals at
$0.7039. The pair was pressured by modest risk-off flows evident across the FX
space, but nevertheless stuck to a fairly tight, 20 pip range.
- Early pressure was sourced to disappointing Chinese credit & inflation data,
released over the weekend, before an uptick in Chinese stocks provided some
support.
- Bears initially look to $0.7018, which represents the 50% fibo retracement of
the move from $0.6741 to $0.7295. A fall below would open up the lower 1.0%
10-DMA envelope/lower Bollinger band (2%) at $0.7010/08. Meanwhile, bulls eye
the Mar 7 high of $0.7052, ahead of the cloud base at $0.7068.
- Tuesday will see remarks from RBA Dep Gov Debelle, as well as Australian NAB
business confidence and housing finance. Elsewhere, the Aussie economic docket
is very light this week.

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