FundamentalOverviewThe USD regained someground in the final part of last week although we haven’t got any meaningfulcatalyst for the move. Overall, we continue to range as the market is waitingfor something new for the next sustained trend. Given that the “short USdollar” is now the most crowded trade, it will take something meaningful tolead the market to expect more rate cuts than currently priced in. On the AUD side, the focus thisweek will be on the Australian quarterly inflation report due on Wednesday. Themarket is currently pricing 58 bps of easing by year end with an 85% chance ofa rate cut at the upcoming meeting in August. We will likely need much lowerthan expected figures to make the market to price in more rate cuts than currentlyseen. Higher than expected data could give the AUD a boost in the short term ona more hawkish repricing. AUDUSDTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that AUDUSD rejected the top trendline once again as the sellers stepped into position for a drop into the 0.6350 support.The buyers will need to break above the top trendline to extend the rally intothe 0.6900 handle next.AUDUSD TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee that we have a minor support zone around the 0.6485 level where the pricegot rejected from several times in the past weeks. If the price gets there, wecan expect the buyers to step in with a defined risk below it to position for arally back into the top trendline. The sellers, on the other hand, will lookfor a break lower to increase the bearish bets into the 0.6350 support next. AUDUSD TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, we cansee that we have a minor downward trendlinedefining the bearish momentum on this timeframe. From a risk managementperspective, the sellers will have a better risk to reward setup around thetrendline to position for further downside. The buyers, on the other hand, willlook for a break higher to invalidate the bearish setup and pile in for a rallyback into the top trendline. The red lines define the average daily range for today.Upcoming CatalystsTomorrow we have the get US Job Openings andConsumer Confidence data. On Wednesday, we have the Australian QuarterlyInflation report, the US ADP, the US Q2 GDP and the FOMC rate decision. OnThursday, we get the US PCE price index, the US Jobless Claims and the USEmployment Cost Index. Finally, on Friday, we conclude the week with the US NFPreport and the US ISM Manufacturing PMI. This article was written by Giuseppe Dellamotta at investinglive.com.