The AUD/USD was trading at $0.8212 heading into what would normally be the NY close early today, having traded a $0.8196-0.8244 range to start the new week. It dribbled lower as the Asia-Pacific session got underway, falling to $0.8186 and then to $0.8177 soon after Japanese stocks opened and as reported support/demand levels at $0.8196/95 failed to counter the aussie weakness. Aussie-dollar then bounced off $0.8169 as Chinese stocks recovered part of yesterday’s selloff and after Chinese officials said yesterday’s moves to limit some Chinese brokers from opening new margin accounts were not meant to curb stock market action. Aussie-dollar’s gains accelerated sharply after some leaked China data hit the wires ahead of the official release time, sending the aussie to $0.8207. Soon after the data were confirmed at the official release time, aussie-dollar extended gains to a high of $0.8214. The move stalled after that and aussie-dollar slipped back as the IMF announced it was cutting its global growth forecasts. The move forced some players to cut long positions, pushing aussie-dollar down to last trade at $0.8179. Traders are citing light stops below $0.8150.
