Aussie got a boost overnight from the FOMC minutes, which weighed on the US dollar and aussie-dollar started at $0.9391 this morning. It has struggled to test $0.9400 courtesy of rumored sellers defending a barrier at that mark and this morning’s early gains were also capped at $0.9394. It traded in a tame, widfeway manner early in the session as players held fire ahead of the release of Australia’s March labor force data and was toward the upper end of the early $0.9370 to $0.9397 range, at $0.9393 when the data were released. Aussie-dollar reacted to the upbeat reading with quick move through $0.9400 and then through stops at $0.9420 for a high of $0.9442 minutes after the data were published. It however stopped there ahead of a $0.9450 barrier and a possibly larger barrier further up at $0.9500. Aussie-dollar then backed away to $0.9411after the release of Chinese trade data and then stabilized from then on. It was last at $0.9415 with initial support seen at $0.9348, a level that supported it in late London/early NY leading up to the release of the FOMC minutes. Stops are noted below this level and also below the $0.9300 level.
