AUD/USD touched fresh YTD lows of $0.7311....>

AUSSIE: AUD/USD touched fresh YTD lows of $0.7311 on Monday as broader USD

strength pressured the cross, last dealing at $0.7340.

- AUD traders' focus falls on today's RBA MonPol decision. All of those surveyed

expect the RBA to leave its cash rate unchanged at 1.5%, so focus will fall on

the Bank's rhetoric deployed in the statement. CPI and wage growth remain

subdued. The last decision saw the RBA introduce risks around Italy, some EM

economies and tighter domestic lending standards, while the minutes of that

meeting removed the reference to the greater likelihood of the next move in the

cash rate being up as opposed to down.

- Dovish risks include the RBA giving a greater acknowledgement of global trade

war risks and increased worry regarding housing prices and the knock on effects

for consumption.

- Initial support for AUD/USD comes in at the aforementioned YtD low, with

resistance noted at $0.7365 (Alternating hourly support /resistance).