The pair started at $0.7844 this morning in Sydney, little changed from a close in New York of $0.7841, and proceed to trade a rather subdued $0.7833 to $0.7844 range. There were no significant local economic data to drive the aussie this morning and markets took their lead from regional equity markets, many of which re-opened after the long lunar new year weekend. Initial focus on Greek news faded and aussie-dollar slipped to $0.7832 from the earlier peak of $0.7849 a few minutes after Japanese stocks opened. It extended the losses to $0.7828 as aussie-yen also retreated, followed by a bounce back to $0.7845 soon after. The aussie continued to hold within the morning ranges and last traded at $0.7835. Ahead, the market focus is shifting toward Fed chair Yellen’s testimonies to US Senate/Congress on Tuesday-Wednesday. In terms of orders, resting supply is seen around $0.7850, stop-loss orders are above $0.7855. Resistance lies at $0.7882 which marks the 38.2% retracement of the $0.8295 to $0.7626 fall. Support is noted at $0.7802, the 50% retracement of the $0.7755 to $0.7849 rise.
