The rate got up to a $0.8999 high on Friday in the US but failed to break above $0.9000 in the face of rumored stiff selling interest there. Higher highs and lows continued for the aussie on Friday with the pair consolidating Thursday’s close above the 55-DMA ($0.8934), the first since Nov 2013. A lack of any major data releases today left the market devoid of any significant leads, keeping aussie-dollar confined to a relatively narrow trading range today. It fell to an early low of $0.8938 after opening at $0.8963 but staged a recovery back to $0.8960 in the late morning. By the early afternoon, aussie-dollar had marked out a $0.8938 to $0.8965 range, and was last near the middle of that at $0.8949. Below last Friday’s $0.8933 low, aussie-dollar sees bids at $0.8925/20and then $0.8900, ahead of support at the 21-day moving average at $0.8844. A close below the 21-DMA would shift the current focus from a test of the $0.9085 Jan monthly high and back to retests of the 2014 low at $0.8660.
