• AUD/USD edges higher from session lows at 0.7451, but upside finds stiff resistance at 0.7506 (21-DMA).
   
• Further upside can be seen only on break above, test of 0.7575 and then 0.76 levels likely.
   
• 50-DMA at 0.7407 is strong support on the downside, break below could make downside vulnerable.
   
• Break below 50-DMA could see retest of 0.72 levels.
   
• Major supports - 0.7442 (July 22 low), 0.7407 (50-DMA), 0.7371 (June 30 low).
   
• Major resistance - 0.7506 (21-DMA), 0.7517 (July 20 high), 0.7543 (10-DMA).
   
• Major risk events for the pair this week are Australia CPI, Fed decision, US durable goods.
   
• Policy divergence after last week’s dovish RBA minutes and a string of upbeat US fundamentals, which increased odds for a Fed rate hike this year a negative for the pair.