AUD/USD has edged higher at the start of.....>

AUSSIE: AUD/USD has edged higher at the start of the week, supported by a

modestly softer USD, last 15 pips higher at ~0.7430, off the early high of

$0.7438.

- Participants will focus on AU CPI data due Wednesday & the general global risk

backdrop centring on the trade war issues.

- Bulls take comfort in the failure to make fresh 2018 lows and the bounce to

end the week that returns pressure to the $0.7442-84 resistance region. Initial

resistance is noted at the July 16 high ($0.7442), with bulls now needing a

close above the July 10 high ($0.7484) to confirm a break of the 55-DMA

($0.7477). Bears now need a close below hourly resistance from July 20 ($0.7385)

to ease pressure on resistance layers and return focus to 2018 lows.