AUDUSD last trades at 10 pips or so higher...>

AUSSIE: AUDUSD last trades at 10 pips or so higher at ~0.7540. The cross has

operated in a tight range ahead of ahead of today's RBA SoMP. Expectations look

for both the headline and underlying inflation forecasts for June 2020 to be

maintained at 2.25% but there's a small chance exp. may be raised to 2.5%. The

RBA may discuss the likely (and unlikely) impact of the higher funding costs on

mortgage and business lending rates, as well as on deposit rates. The discussion

on spare capacity in the economy beyond the labour market, including the Bank's

view on non-mining investment, will be eyed, as will the RBA's characterisation

of the risks from the slowing housing market.

- AUDUSD's recent 2018 & near 12 month lows following the close below 0.7498

left the pair looking heavy, with bears focused on the May 2017 monthly low

(0.7326). Oversold studies have provided the impetus for a bounce for the time

being, with bulls now needing a close above the high from May 01 (0.7546) to

gain breathing room & to target April 25's hourly resistance (0.7590).