AUD/USD rallied overnight, last trades at....>

AUSSIE: AUD/USD rallied overnight, last trades at $0.6919, 51 pips better off.

- The pair jumped in early indicative trade and remained elevated despite ebbing

off of highs into the open, as preliminary results of Australian federal

elections indicated a surprise win for the incumbent Liberal/National coalition.

With uncertainty remaining re: whether the gov't will be able to secure

parliamentary majority, AUD/USD gained traction after ABC's projections

suggested that this will be the case.

- Just as the broader commodity-tied FX space, AUD drew additional strength from

improving risk appetite, owing to a strong GDP print out of Japan (albeit

breakdown data was more questionable), as well as a move higher in oil prices,

stemming from comments suggesting that OPEC+ intend to keep limiting supply.

- Above the 200-HMA at $0.6949 would expose the 21-DMA at $0.6996. Bears look to

the lower 1.0% 10-DMA envelope, which kicks in at $0.6879, ahead of Friday's

multi-month low of $0.6865

- Points of note this week include the RBA May MonPol meeting minutes & a speech

from RBA Gov Lowe, both due tomorrow. CBA PMI gauges come out on Thursday.