Opened in Asia at $1.0128 and headed higher from the off on corporate demand, triggering some stops through $1.0150 to highs of $1.0181 despite some counter selling from asset managers and importers. The move was ably assisted by further macro sales in EUR/AUD to fresh lows of A$1.2838 from A$1.2891. The cross closed last night under the critical A$1.2927 level and a further close under the level today is likely to set the tone for a stronger move lower in coming sessions. AUDNZD edged up from NZ$1.3078 to NZ$1.3100 and then received a sharp boost up on news of another Christchurch earthquake to NZ$1.3144 before reports of minimal damage led a move back down to NZ$1.3111. AUD/JPY pushed up to Y79.51 from lows of Y79.15 before later balancing around Y79.40. AUD/USD resistance is seen towards the 100 day MA around $1.0206 and the Dec 21 highs of $1.0220. Support is down at $1.0125/30 and $1.0060/65.
EasyForexNews Research Team