AUD/USD is trading modestly higher Thursday after opening the Asian session around $0.9915 and has been in a narrow range so far of $0.9911/54, with the pair currently trading $0.9949 up 36 pips. Aussie has been in mild recovery mode for most of the session moving in tandem with a slightly firmer euro as speculators began to take some risk profits back in after a turbulent few days. Traders report that some participants in the Aussie are reluctant to add to short positions around $0.9900/25 with some looking for a more corrective bounce to above parity before initiating fresh short positions. The rate has spent most of the session edging its way higher amid some profit taking on recent long USD positions. Some stronger offers are touted around $0.9980/85 and again at parity with some stops sitting just above. Strong demand remains on the bid side around $0.9870.
EasyForexNews Research Team