Brief Look Below 0.7200 Pre-RBA........>

AUSSIE TECHS: Brief Look Below 0.7200 Pre-RBA

Having failed to overcome the 200-dma (0.7289) last week, AUDUSD extended its

corrective pullback Monday, before soft local data briefly pushed the rate below

0.7200 early Tuesday. Bears look for consolidation below the round number to

allow them to target the 100-dma at 0.7173, with any break below shifting the

outlook to neutral. A move below the Jan 25 low at 0.7076 would return the focus

to the 38.2% retracement level at 0.7046. Bulls continue to focus on a break of

the 200-dma for the next leg higher, this level is growing in importance having

not closed above since March.