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AUD/USD erased its Asia-Pac gains in the.....>

AUSSIE
AUSSIE: AUD/USD erased its Asia-Pac gains in the European morning on the back of
a risk-off reaction to the much awaited ruling of the German Constitutional
Court, which judged that the ECB's PSPP programme may be incompatible with some
EU treaties. The rate ticked higher later on and finished marginally above
neutral levels, with crude rally lending a helping hand to commodity-tied FX.
- The rate sits at $0.6434, virtually unch. The nearest key resistance comes in
at $0.6570, Apr 30 high. A break here is needed to reignite topside momentum and
bring Mar 9 high of $0.6685 into view. Bears look for a fall below the
$0.6386-73 area, hosting the 20-EMA/50-EMA/May 4 trough. A break here would
expose Apr 24 low of $0.6337.
- Local data highlights this week include quarterly and monthly retail sales
(today), as well as trade balance (Thursday). The RBA's SoMP is due Friday.
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