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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 10 pips better off at ~0.7425, back from the early
high of $0.7438.
- Bulls take comfort in the failure to make fresh 2018 lows. 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.
- Participants will focus on AU CPI data due Wednesday & the general global risk
backdrop centring on the trade war issues.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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