The pair closed in NY at $0.8737 overnight after having traded a $0.8663-0.8749 range before it then started in the Asia-Pacific with a slight uptick to $0.8740. Gains continued through $0.8750 and then $0.8760 as Asian markets got underway with aussie-dollar holding around $0.8762 before the release of Australia’s trade balance and building approvals data. The data are mixed with building approvals above forecasts while trade deficit is slightly wider than expected. Aussie-dollar quickly gained to $0.8774 after that but saw a brief struggle to extend the gains. The move picked up again after that andaussie-dollar was then carried through $0.8790 for a high of $0.8816 as the US dollar continued its retreat. Aussie-dollar was last at $0.8803 with a close above $0.8897 likely to shift immediate focus to the 21-day moving average at $0.8983. On the downside, the significance of the 2014 low was confirmed yesterday with the pair finding support from just ahead of $0.8660 with significant stops noted below.
