Australian Markets Closed For Queen's Birthday

The greenback rose on Friday which pushed AUD/USD down to lows of 0.7688, last flat on the session at 0.7709. Markets in Australia are closed today which is expected to keep liquidity thin, markets in China, Hong Kong and Taiwan are also closed.

• On the trade front Australian PM Morrison says Australia won't sign a rushed trade agreement with the UK unless it's "the right deal". Morrison will have dinner with Johnson at Downing Street on Monday evening where the pair will seek to resolve the agricultural issue and other outstanding areas of disagreement. Morrison has also said his government wants to restart dialogue with China, as a series of trade spats put pressure on the already-weakened relationship between the two countries.
• From a technical perspective AUD/USD remains weaker inside the recent range. The pair broke through 0.7675 on Jun 3 but immediately reversed the sharp move lower. Last week's break lower however does signal the end of the recent broader consolidation since mid-April. A resumption of weakness would open 0.7586, Apr 13 low and 0.7532, Apr 1 low and key support. Initial resistance is at 0.7773, Jun 2 high and 0.7813, May 18 high. A break of the latter would ease bearish pressure.