Aussie witnessed a strong recovery off last night’s $0.8777 low, traded in the wake of a disappointing December Australian employment report out on Thursday. Aussie-dollar managed to recover back above $0.8800 last night and spent most of today’s session holding above that handle as well. Aussie-dollar started at $0.8822 today and was carried by early deamdn from $0.8815/10. It struck a $0.8830 high and then drifted lower as the earlier reported bids fizzled out, for a low of $0.8801. Aussie-dollar rebounded again in the late morning to last trade at $0.8813 and faces a series of sell orders from above the iniital high, starting from $0.8840. Dealers aren’t yet fullyconvinced of how solid the rebound is although there’s been some talk of a base forming at the overnight low. MNI techs note that a close above the $0.8885 level is needed to relieve the immediate bearish focus with a close above the $0.8971 level needed to shift focus back to the recent $0.9085 highs and away from the $0.8068 2010 low.
