The pair started this morning in Sydney at $0.7740, after offshore markets witnessed a $0.7644 to $0.7778 range, the rise largely on the back of a weaker US dollar and falling US bond yields. The early focus was on the RBA Governor’s testimony in parliament. Aussie-dollar initially held near a $0.7725 low heading into the start of the testimony. It inched up a bit and was at $0.7740 when Stevens began his opening remarks. There was initial reaction in the aussie, which rose to a $0.7767 high as he spoke but that quickly ran out of steam. Aussie-dollar pulled back right back to where it had been earlier and that seemed to be the end of the move for the aussie. Stevens continued to speak over the next few hours but aussie-dollar continued to hover around $0.7740 through the rest of the morning. It last traded at $0.7746. Resistance is noted at $0.7787, which marks the 61.8% fibo retracement of the $0.7875 to $0.7644 fall, while support lies at $0.7711, 50% fibo of the aussie’s $0.7644 to $0.7778 rise.
