AUDUSD was pressured to overnight lows of....>

AUSSIE: AUDUSD was pressured to overnight lows of 0.7476 (a fresh YtD low),

after macro type sellers pressured the cross, filling local exporter bids. The

pair then recovered, aided by modest USD weakness & a slightly stronger than

expected Chinese Caixin PMI release, last operating around session highs of

0.7510.

- AUDUSD looks heavy, with bears now focused on the May 2017 monthly low

(0.7326), although oversold studies remain the key concern for bears. Bulls now

need a close above yesterday's low (0.7522) to gain breathing room and above

hourly resistance from April 25 (0.7590) to target a move higher.

- There is talk of macro offers layered around 0.7520.

- It is worth noting that there is some A$1.02bln worth of 0.7500 option

expiries at tomorrow's 10AM NY cut.