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AUD/USD struggled on Monday, amid modest.....>

AUSSIE
AUSSIE: AUD/USD struggled on Monday, amid modest USD strength into the NY
afternoon, with a softer yuan also adding further pressure, before the USD
trimmed the majority of its gains, allowing AUD/USD to move back to near
unchanged territory, last ~$0.7390.
- The pullback from Friday's rebound high at $0.7412 stalled at $0.7374, keeping
the prospect of a resumption of the uptrend intact. Bulls need a close above
$0.7412 to shift focus to the upper end of the recent trading range, with the
the next layers of resistance formed at $0.7466/86. Bears now look to close
below major trendline support at $0.7324 for confirmation and to open up a
challenge of the YTD low at $0.7311.
- Its heavy week for the RBA, with the latest MonPol decision later today,
Governor Lowe due to speak on Wednesday & the SOMP due on Friday.
- The RBA will leave the cash rate unch when it issues its MonPol decision
Tuesday. Despite some downside risks for both inflation and growth, the Bank is
likely to maintain its glass-half full approach, with focus on further progress
in reducing unemployment and returning inflation to target.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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