AUD/USD recovered after a weak Asia-Pac......>

AUSSIE: AUD/USD recovered after a weak Asia-Pac session Monday and crept into

positive territory later in the day, helped by a rebound in U.S. equity markets.

AUD/USD is barely changed at $0.6425 as we type.

- The rate charted a bullish Harami candlestick pattern on Monday, with the

second candlestick being a hammer. Bulls look for a positive close today to

confirm that topside momentum has picked up.

- Gains past the 100-DMA at $0.6553 & Apr 30 high of $0.6570 would resume the

uptrend, opening Mar 10 peak at $0.6613. Bears target the 50-EMA/Monday's low at

$0.6374/73. A break here would expose Apr 24 low of $0.6337.

- We have collated our usual preview of the RBA monetary policy decision, which

will be announced later today. See an earlier RBA bullet.

- On Monday BBG reported that the Treasury expects lockdown measures to result

in a 10% contraction in the Australia's GDP in the June quarter, while "some of

the hardest hit sectors [...] are among the biggest employers".

- Local data highlights this week include weekly payroll figures (today), retail

sales (Wednesday), trade balance (Thursday). The RBA's SoMP is due Friday.