Opened in Sydney at $1.0255 after lows of $1.0244 in London yesterday and pushed up to $1.0284 before asian stocks and AUD/JPY sales weighed and led a fall back to opening levels. A bounce later in the equity market then prompted some short covering and aussie rallied back tripping some stops through $1.0300 to highs of $1.0307 assisted by the HSBC China services PMI at 53.3 which although lower than February’s 53.9 still showed solid expansion. Further AUD stops are now seen on a break of $1.0320. Above here are offers starting from $1.0340/50 and $1.0380/00, with stops above. AUD/JPY fell back from Y84.81 on Japanese sales to Y84.36 but later recovered with the AUD rally to Y84.76. AUD/NZD slipped from NZ$1.2609 to NZ$1.2581 but later recovered to $1.2603. EUR/AUD eased from A$1.2816 to A$1.2759.
EasyForexNews Research Team