Aussie closed in NY Monday at $0.9262 after having remained confined to a relatively narrow $0.9259-86 range and started this morning at $0.9262. Early dealings saw aussie-dollar holding a $0.9262/68 range but it soon turned lower after Asian markets got underway. The aussie retreated toward $0.9250 despite slightly imrpoved risk sentiment and was initially supported by rumored demand there. The pair eventually traded a low of $0.9248 but bounced after the release of the NAB’s business survey and Q2 house price index. The pair rallied back up through $0.9260 and traded a high of $0.9269 before running out of steam. The resulting pullback was however, also limited, with aussie-dollar holding off $0.9260, to last trade at $0.9263. Initial resistance remains at $0.9292 with stops noted above $0.9300. The $0.9374 resistance level remains key with a close above to target the $0.9474-0.9505 region. Below this morning’s low seesthe Aug 8 low at $0.9239, and then bids at $0.9220, stretching to $0.9200.
