AUD/USD fell nearly 70 pips overnight,.......>

AUSSIE: AUD/USD fell nearly 70 pips overnight, with the latest slump occurring

after RTRS reported that China's Dalian customs bans Australian coal imports

indefinitely. The sources noted that "the indefinite ban, effective since the

start of February, comes as major ports elsewhere in China prolong clearing

times for Australian coal to at least 40 days." 

- AUD/USD had earlier round tripped from session highs of $0.7207, touched on

the back of a stronger than exp. domestic labour mkt report. The rate pulled

back into negative territory, when Westpac changed its RBA rate call - it now

exp. the RBA to cut the cash rate by 25bps in both Aug & Nov 2019. A subsequent

RTRS sources report re: the U.S. & China drafting multiple trade MOUs allowed

the rate to breathe a sigh of relief, before recovery was interrupted by the

aforementioned story re: Chinese ban on coal imports from Australia. 

- AUD/USD last deals at $0.7096 after it breached several key DMAs. Bears look

for consolidation below the psychological $0.7100 level before attempting a run

at the cloud top and cloud base, located at $0.7068 and $0.7054 respectively.

Meanwhile, bulls look to the 50-DMA at $0.7132.