Later in the session we will see AUD Retail Sales, due out at 1:30GMT which could heighten volatility as we head deeper in to the Asia session. According to analysts at NAB Global, "it’s a huge local calendar this week with of course the RBA meeting
tomorrow where the market is 83% priced for no change, which we think is fair given their seemingly semi-relaxed stance to sit and wait now they stepped up with a cut in May. There’s also no shortage of data, starting today with the key retail trade report for April where we look for growth of 0.5%, based on online and the Business Survey. There’s also company profits, sales, inventories and mineral exploration expenditure, all part of Wednesday’s GDP equation."
The FXStreet.com Trend Index remains slightly bullish on the 1 hour chart, while the ob/os index reads neutral. Initial resistance sits at 97.00 (previous support, now resistance), followed by 97.76 (the 9dma). First support sits at 96.09 (previous day low), followed by 95.50 (support on weekly chart). “this pair is in full retracement mode with an obvious target at a 38.2% retracement level near 95.50 (chart in members). Friday’s breakdown level at 96.90 provides an obvious resistance level so this pair might be worth a session or two of range trading," noted Sean Lee of FXWW.