The AUD crosses had little reaction as the...>

AUSSIE: The AUD crosses had little reaction as the RBA reinstated the line that

the next move in the cash rate would likely be up, rather than down, in the

minutes of the July MonPol meeting. The RBA said that the members continued to

view the strengthening economy as likely to deliver further progress in reducing

the jobless rate and returning inflation to target. And "in these circumstances,

members continued to agree that the next move in the cash rate would more likely

be an increase than a decrease." The RBA also said there was no strong case for

a near-term adjustment in MonPol.

- Nonetheless, AUD/USD has edged higher, alongside the NZD/USD cross in the wake

of release of the RBNZ's inflation model, although with an understandable lag,

last dealing at $0.7435.

- Bears continue to look for a close below the YtD low ($0.7311) to shift focus

to tests of the 2017 lows. Daily studies are well placed for a fresh leg lower.

Layers of resistance have followed the pair lower and add to bearish confidence.

Bulls now need a close above hourly support from July 10 ($0.7459) to gain

breathing room.