AUD/USD hit a high of $0.7211 on the USD.....>

AUSSIE: AUD/USD hit a high of $0.7211 on the USD weakness in early dealing,

before fading as ANZ & CBA followed Westpac, and lifted their variable mortgage

rates by 0.16% & 0.15% respectively, meaning that NAB is the only bank within

the big 4 not to do so thus far. This is expected to put further pressure on

consumer's wallets and, as a result, potentially leave the RBA cash rate lower

for longer.

- The continued failure to sustain rallies above $0.7200 keeps the focus to the

downside in AUD/USD. Focus remains on the YtD/May 24 2016 low ($0.7145), a break

opens the 1.618% swing target ($0.7092), ahead of the key $0.7000 psychological

level. Bulls need a break back above $0.7305/10 to alter the short-term outlook.