Aussie witnessed a subdued start in Asia this morning, trapped in an early $0.9477 to $0.9488 range. Aussie-dollar lost some ground after regional stocks opened lower and as the hangover from yesterday’s RBA Stevens’ comments continued to weigh down the aussie, slipping below the US session low of $0.9472 to $0.9467 but halting the move just shy of the the 61.8% Fibonacci retracement of aussie-dollar’s $0.9281 to $0.9757 move, at $0.9463. Aussie-dollar extended the losses marginally to $0.9459 in mid-morning before strong bids cited beneath the initial low at $.9450 countered the dip. Thepair’s recovery was also limited to $0.9474 but it received a stronger boost to $0.9484 via aussie-kiwi cross, after the NZ currency took a hit from Moody’s comments. Aussie-dollar was last at $0.9480 ahead of the European open. Immediate focus for the pair remains on a test of the $0.9390 Oct 4 low with a test of the $0.9221-86 region targeted overall. A close back above the $0.9585 level remains needed to relieve the immediate bearish focus while a close above the 200-DMA is needed to see overall focus shift higher to the $0.9918 resistance level.
