AUD/USD has stuck to a tight range thus......>

AUSSIE: AUD/USD has stuck to a tight range thus far, last $0.7210, virtually

unchanged on the day.

- Focus today falls on the RBA MonPol decision. The RBA is set to leave its cash

rate unch. at 1.50%. Focus will quickly turn to the statement, with the Bank set

to make inference regarding its upcoming econ projections, due Friday.

Housing/consumer activity will be eyed. Q3 CPI won't alter the RBA's view, as it

had previously flagged the impact of one off drags on inflation in Q3, with the

core measures meeting the Bank's exp. Comments regarding the labour mkt will

provide more interest after the unemployment rate fell to 5.0%, although the

move was driven by a fall in the participation rate. 

- Bulls target a break of $0.7259, before focusing on the 100-DMA & 23.6% of the

2018 range at $0.7269/84 to extend gains. Bears need to break back below the

50-DMA at $0.7163 to test broken down trendline resistance-turned-support from

the Feb highs.

- As a reminder, it is Melbourne Cup day, so expect desks to empty and limited

liquidity after the RBA decision as a result.