AUD/USD has edged away from best levels on...>

AUSSIE: AUD/USD has edged away from best levels on the back of the Liberal Party

leadership contest, to last deal at ~$0.7335.

- After breaking and consolidating above the weekly range on Friday, the pair

held up on Monday, shifting the short-term focus to the August 3 low, now

resistance ($0.7348), which held in early Asia-Pacific dealing. A close above

here would allow the pair to break back into its previous trading range and

switch bulls' focus to channel top resistance ($0.7453). Bears need to break

Friday's low ($0.7253) to shift momentum and open up a test of the YtD low

($0.7203).

- Participants look to the minutes from the RBA's most recent meeting later

today after RBA Governor Lowe offered little to no fresh insight in an address

made early this morning.

- On the political front Peter Dutton has resigned from his role in the

Australian cabinet after losing the leadership spill within the Liberal Party.

His resignation was a given, eyes now the lookout for any other resignations

from within the cabinet.