The early risk-off tone weighed heavily on the pair after it opened at $0.9351 this morning and it gravitated to a $0.9336 low in the first few hours of the session. Early recoveries were limited, with aussie-dollar struggling to get through $0.9350 on the rebound. The rate finally broke through as regional stocks showed signs of recovering off their morning lows, and aussie-dollar got up to $0.9354 as yen crosses also came back stronger. Risk appetite continued to recover and aussie-dollar climbed in tandem, peaking at a late morning high of $0.9367. Aussie-dollar was last at $0.9364. Stops remain below $0.9320 with a close below needed to shift the overall focus back to the 200-day moving average at $0.9196. Topside stops are noted above $0.9410 with a close above likely to ease bearish pressure and confirm a break of the 21-day at $0.9397.
