The Ausssie was in the spotlight again today as it reversed almost all of the gains seen since this week’s strong Chinese trade numbers. Aussie-dollar started in Asia at $0.9029 after peaking at $0.9067 on Wednesday, just shy of its previous 2014 high traded on Jan 13, of $0.9086. The Australian jobs data for January was the trigger for the broader aussie-dollar pullback, with the pair dropping from around $0.9020 through $0.9000 within minutes. It caved in below $0.8985, hitting a series of stop-loss sell orders there. There was a pause when aussie-dollar traded $0.8950/45 but with the aussie getting sold vs other major and rehgional FX units, aussie-dollar losses resumed soon after. The pair finally traded a low of $0.8927 before a mild bounce was thenseen in the early afternoon. Aussie-dollar was last at $0.8944, and still holding a soft tone, while below current levels, near-term support is seen at $0.8907, the Feb. 10 low, ahead of the Feb 4/5 hourly support level at $0.8870 and then the 21-day moving average at $0.8847.
