• AUD/USD remains confined to a tight 0.7037-0.7062 range, oscillating around the 100-day MA at 0.7051

• Spot marginally softer post-RBA. Statement leaned dovish, but Gov Bullock retained a relatively hawkish tone

• Geopolitical risk remains an input for price action, with firmer oil prices amid the ongoing U.S.-Iran standoff

• Wednesday’s U.S. CPI remains the key near-term catalyst for FX

• With market pricing assigning 50/50 odds to a September Fed hike, the data should prove market-moving

• Initial topside resistance is seen at 0.7060-75, which capped Monday’s price action

• Initial support sits at 0.7030, where the 200-hour MA cluster comes into play
AUDUSD daily chart


Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))