Opened in Asia around $1.0450 and headed lower as the USD firmed across the board in a continuation of the NY rally and USD/JPY marched up through Y84.00 on the Tokyo open. Despite a soaring AUD/JPY, AUD/USD slipped to lows of $1.0423 before exporters and US banks bought, sparking some short covering and bounce to $1.0470. AUD/JPY built steadily higher from early lows of Y87.37 to Y88.04. EUR/AUD headed down from NY and early highs of A$1.2488 to A$1.2450, and AUD/NZD fell from NZ$1.2935 to NZ 1.2900. AUD/USD bids from numerous names are placed from 1.0430 down to $1.0400, with strong bids centered around the 200 day MA at $1.0404. there are also a number of $1.0400 option strikes today. A mixture of bids and sell stops lie from $1.0400 down to $1.0350, but some reasonable support is seen as well towards $1.0380/85.
EasyForexNews Research Team