AUD/USD opened in Asia Monday around $1.0050 and has been seen in a range of $1.0019/55 so far this morning, with the rate currently trading $1.0035 down 29 pips from Friday’s NY close. After some choppy two way price action the rate began to decline as trading in Sydney got under way. Prices slipped back from highs of $1.0055 to form an intra-day low of $1.0019 as some prop accounts exited recent longs ahead of this week’s EU summit on the 28/29th June. Some Asian named accounts soaked up the selling from the $1.0025 area, with more bids seen on the approach to parity around the $1.0005/10 area. Some sell stops sit below around $0.9980, with some light offers now camped around the $1.0055/60 region.
EasyForexNews Research Team