AUD/USD starts the week on a softer..........>

AUSSIE: AUD/USD starts the week on a softer footing, likely weighed on by

aforementioned news from over the weekend. The AFR reported that "Canberra was

given 10 days to explain why Beijing should not impose tariffs of up to 80% on

Australian barley imports". Trade Min Birmingham reacted with a statement

judging that the move would be "unjustified" and told reporters at a briefing

that Australia reserves the right to take action against China via the WTO.

China's tariff sabre-rattling comes amid heightened Sino-Australian tensions

over Canberra's backing of a probe into the origins of the coronavirus outbreak.

- AUD/USD trades at $0.6522, 9 pips worse off. The key near-term support has

been defined at $0.6373, the low of May 4. A fall through the 50-EMA at $0.6391

and May 4 low would give bears a new impetus. Bulls need a push through the

nearby 100-DMA at $0.6537 to expose Apr 30 high of $0.6570, the key bullish

target.

- Coming up in Australia this week we have NAB Business Confidence Survey

(Tuesday), Westpac Consumer Confidence Survey & wage price indices (Wednesday),

as well as consumer inflation expectation and labour mkt report (Thursday).