Opened in Asia at $1.0331 after trading a $1.0313-51 range in NY and was helped higher this morning by some early Japanese buying of AUD/JPY which pulled the pair up to $1.0345, before easing back on EUR/AUD demand. The pair slipped back to $1.3109 before encountering plentiful option gamma related bids and demand from sovereigns, which steadied and led a recovery to $1.0333. AUD/JPY failed to maintain early gains to Y84.51 slipping back later to Y84.16. EUR/AUD headed up again from early lows of A$1.2705 to A$1.2738, extending yesterday’s rally from NY lows of A$1.2646. AUD/NZD was largely static through NZ$1.2686-03. Australian export prices fell 7% in Q1 with imports down 1.2%. AUD/USD strong bids remain in the $1.0300/10 zone with stops down through $1.0295, a break there opening a deeper move towards $1.0225/35. Offers start from $1.0350 and run up through the 200 day MA around $1.0374 with stronger up towards $1.0390/00 and $1.0410/20. AUD/JPY has large offers sitting up at Y84.80/00.
EasyForexNews Research Team