Aussie continued to trade with a defensive tone this morning after overnight losses but market action was mostly confined to consolidation of some the previous day’s moves. Aussie-dollar opened at $0.8763 at the start of the Asian session today, and briefly marked a high of $0.8777. Aussie-dollar continued its downmove after that, slipping below last night’s US session low of $0.8732. Sellers continued to chip away at the aussie, eventually sending it through rumored bids at $0.8720 and a $0.8700 barrier, triggering stop-loss selling down to a low of $0.8688 in Asia today. It recovered modestly in late trade and climbed back above $0.8700 to last trade at $0.8706. Marketpositioning appears to be inclined to test further aussie-dollar downside, although strong bids cited toward $0.8650 may hold the pair up later in the global session
