AUD/USD hit a high of $0.7379 in the wake....>

AUSSIE: AUD/USD hit a high of $0.7379 in the wake of the RBA MonPol decision,

last $0.7377, as the rate sticks to a tight range. Rate likely benefiting from a

nod towards positive wage developments, even though the Bank noted that any

developments on the matter are likely to be gradual in nature. "The stronger

labour market has led to some pick-up in wages growth, which is a welcome

development. The improvement in the economy should see some further lift in

wages growth over time, although this is still expected to be a gradual

process." Talk re: tighter credit matters noted. "Ongoing trade tensions" also

mentioned. All in all there was little in the way of notable developments in the

statement (the final paragraph continues the recent trend of remaining

unchanged), with tomorrow's AU GDP release providing the interest in terms of

economic releases this week. Rate had failed to take advantage of the weaker USD

ahead of the decision.

- Bulls ultimately need a break of $0.7400 to build on recent momentum, an area

which also combines the congestion zone seen in Jun-Aug and the 200-DMA at

$0.7416. Initial support noted at $0.7316, the technical gap from Nov 30.