The pair ended NY session at $0.8211 after having traded a $0.8201 to $0.8206. The spot traded between $0.8207 to $0.8221 before RBA and kneejerk to $0.8227 before plunging to fresh session low of $0.8200. Strong demand at $0.8200 from an Aussie name lifted the pair to $0.8220 before China flash manufacturing PMI, the rate extended rally to $0.8238 post China data, with good buying interest from a UK clearer. The greenback turned heavy near mid-noon session with dollar-yen hitting fresh low of Y117.13 and pushed the aussie to fresh intraday high of $0.8245 before retreating to $0.8228 last. RBA minutes provided nothing new, as the market consolidates ahead of European PMIs, Zew survey, US housing starts and PMI. Recent failures ahead of the $0.8393 resistance level have again resulted in fresh 2014 and 4 and a half year lows with immediate focus now on the falling daily channel base and overall focus on $0.8068-84. Bulls now need a close above the falling daily channel top to ease bearish pressure and shift immediate focus to the $0.8399-0.8469 region with additional layers above this region. Stops are noted below $0.8200 and above $0.8300 today.
