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AUD/USD has struggled thus far, even as it...>

AUSSIE: AUD/USD has struggled thus far, even as it draws support from the
AUD/NZD cross on the back of the dovish RBNZ, as AU yields/bill yields have
edged lower on spill over from the goings on across the Tasman, which is
limiting the AUD elsewhere.
- AUD/USD last 5 pips or so lower at $0.7425, this comes after the pair
rebounded sharply from the Wednesday's lows of $0.7383. The bounce has put the
focus back on the $0.7440 highs of Tuesday (which was tested on Wednesday). A
break above $0.7440 is needed to repair the technical damage caused to the
bullish picture over the past couple of days. Further layers of resistance are
placed at $0.7466/86 and a move above here would confirm the bullish trend.
Bears now look for a close below $0.7380/85 to re-test major trendline support
at $0.7324 for confirmation and challenge the YTD low at $0.7311.
- Focus is on the RBA's SOMP, due tomorrow, although Gov. Lowe likely revealed
the key tweaks to the forecasts in his address yesterday.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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