The pair started this morning in Sydney at $0.7818, after a relatively quiet session overnight, with European and US markets trading in a fairly narrow $0.7800 to $0.7845 range. Early dealings saw aussie-dollar hold a fairly narrow $0.7810 to $0.7823 range as the market kept its eye on Australian Q4 GDP data release earlier today. Ahead of that, the Ai Group’s February services index was largely ignored and aussie-dollar was holding near $0.7810 as the GDP data were published. The aussie witnessed a knee-jerk drop to a $0.7796 session low immediately after the data were out but rebounded quickly to $0.7812 as the market digested the details of the release. The rate then extended the rebound through the earlier $0.7823 high, and it then went to $0.7835 before stalling. Aussie-dollar then retraced part of the move to last trade at $0.7816. Further gains may see the pair head for yesterday’s post-RBA react high around $0.7842 but sellers are still in place at the $0.7845/50 region. Resistance is also noted at $0.7851 marking the 61.8% fibo of the aussie’s $0.7913 to $0.7752 fall.
