AUD/USD opened the Asian session at $1.0060 Wednesday and has spent most of the session in a narrow trading range. Prices initially slipped to session lows of $1.0041 after some Tokyo named accounts were touted to be good sellers of AUD/JPY after Asian equity markets were subject to some selling pressure early on in the session. AUD/USD prices then picked up from session lows amid support from real money and sovereign related accounts that have been persistently buying dips in the rate for the last two trading days. Prices rallied to post an intra-day high at $1.0069, with the rate currently holding steady at $1.0064, unchanged from the NY close. Buy stops are reported above around $1.0085 and again above $1.0100. More aggressive buying interest is seen below between $0.9990 and $1.0020 which is likely to be the base area for the pair ahead of this week’s EU summit.
EasyForexNews Research Team