Opened at $1.0252 and came under early pressure from US fund sales searching for stops and barriers which were triggered through $1.0250 and $1.0230 to lows of $1.0226. Japanese, real money and corporate names along with stronger aussie Feb housing finance data led a recovery and sparked some short covering. AUD/JPY buying following a Asahi Shimbun article that stated the BOJ was pondering further easing to the tune of 5-10 trillion yen, assisted in the bounce to fresh day’s highs of $1.0289. AUD/JPY recovered from early lows of Y82.49 to Y83.05 on the back of Japanese fund demand. EUR/AUD fell back from A$1.2784 to A$1.2725 and GBP/AUD slipped back from A$1.5503 to A$1.5432. AUD/NZD fell from NZ$1.2592 to NZ$1.2559, before recovering later to NZ$1.2588. AUD/USD offers remain up at $1.0300/10 and bids now rest down at $1.0225/35. Stops are poised on a break of $1.0220 ahead of a barrier at $1.0200. AUD/JPY has bids at Y82.50 with stops set for a break of Y82.00.
EasyForexNews Research Team