Australian markets returned today from a long weekend but the aussie has not really been fired up as it keeps almost exactly to last Friday’s US trading range this morning. Aussie-dollar opened at $0.9278 and slipped to an early low of $0.9268 amid the early risk-off market sentiment. The pair remained under pressure as Japanese stocks also opened lower but staged a decent recovery soon after. Dealers linked the move to sharp drops in both euro-aussie and sterling-aussie crosses, which in turn, lifted aussie-dollar through the $0.9284 early morning high. Aussie-dollar topped out at $0.9293, almost matching last Friday’s US high but the move stalled ahead of rumored offers mentioned above $0.9300. Aussie-dollar spent the rest of the morning supported just off thathigh, and was last at $0.9281. For now, lower levels remain favored for the aussie until a close back above the 21-day moving average at $0.9321 is seen. Stops are noted above $0.9320, $0.9400 and $0.9430 and on the downside below $0.9250.
