A breakout above 0.7400 can lead to a retest of the weekly highs near the 0.7440 level. With no major data releases from Australia on Monday we believe that pair will consolidate in the area between 0.7370 and 0.7440 level. In long-term trends, we would remain on the sidelines for this pair as buying is not an option until we see break above 0.75 handle.