AUD/USD sits at $0.6951, unchanged on the....>

AUSSIE: AUD/USD sits at $0.6951, unchanged on the day.

- The rate posted a leg lower yesterday as RBA Governor Lowe struck a dovish

note in his latest speech, albeit insisting that his remarks are not a shift to

forward guidance. At the same time, however, he noted that the RBA is ready to

reduce the cash rate further if needed, and in any case we can reasonably expect

a lower-for-longer rate environment.

- This was followed by a period of consolidation in European hours, before the

pair took another hit from strong U.S. data, notably durable goods orders. The

bearish tone remained in play and AUD/USD finished 26 pips worse off.

- Bears look for a break under the Jun 10 low of $0.6911, ahead of the

psychological $0.6900 level. Bulls need a lift back above the 50-DMA/trendline

support-turned-resistance at $0.6960/70 before attempting a move at the

$0.6996-94 zone, which hosts a congestion of recent highs & lows.

- Australian building approvals, CPI and retail sales are due next Tuesday,

Wednesday and Friday respectively.