Aussie has also been mostly stuck in a narrow range so far today. The rate opened at $0.9423 this morning, just below Friday’s US high of $0.9430 and continued trading with modest losses, for an early low of $0.9413. Losses continued with aussie-dollar then being pressed back to a $0.9409 low. Aussie-dollar however rebounded after that, climbing back through $0.9415 and headed back to where it had started the day today. Aussie-dollar was last at $0.9422, about unchanged from the open. Demand has been noted just below Friday’s US low of $0.9406, holding the downside at $0.9400. Offers meanwhile are noted at $0.9450. Trailing stops are also noted below $0.9390, with bigger stops located below $0.9320 and $0.9300 this week. All eyes currently focused on Tuesday’s China Manufacturing PMI data and the RBA Cash Rate announcement. Onthe charts, aussie’s bounce from the 21-day moving average last week sees bulls in control and targeting the $0.9461 2014 high with stops noted above $0.9470.
