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Another day of gains for AUD/USD on Tuesday as the greenback underperformed against its G10 peers, the pair finished at 0.7792 after rising from lows around 0.7770 in Asia. The pair last trades up 4 pips at 0.7796.
- The UK-Australia trade deal is in focus with UK PM Johnson saying most details have been agreed. Protests from UK farmers remain that cheaper imports could marginalize many producers. Both sides have signaled a preference for an agreement by the G7 meeting in June.
- From a technical perspective AUD/USD traded higher Tuesday. A bearish theme remains in place though following last week's sell-off to a low of 0.7688 on May 13. A firm support zone however has been defined at 0.7688-75, the latter is the May 4 low. Clearance of this zone would strengthen a bearish case and signal scope for a deeper pullback towards 0.7586, the Apr 13 low. Initial firm resistance is at 0.7846, May 12 high ahead of the key resistance at 0.7891, May 10 high.
- Westpac consumer confidence is first up on the domestic economic docket tonight at 0130BST/1030AEST, while Q1 wage price index will be released at 0230BST/1130AEST. CBA says: "Australian Q1 21 wage price index could be the next AUD driver. We estimate wages expanded by 0.5%/qtr, in line with consensus. However, we do see some upside risks to today's data because businesses are unwinding wage freezes. Wage growth is central to the RBA's outlook for monetary policy. As a result, stronger than expected wage growth can underpin AUD."