Aussie opened at $0.9360 this morning after a $0.9289 to $0.9378 range last night in the US. The early US dollar weakness fuelled by Yellen’s comments helped carry aussie-dollar up to $0.9374 before it stretched the gains further to $0.9387 soon after the Asian open and Bernanke’s remarks. Aussie-dollar was held up near there for barely an hour before it began to give back most of the gains. It briefly found minor support at $0.9355 before losses then resumed. Some traders then zoomed in on remarks by RBA board member Heather Ridout as reported by the Wall Street Journal, that the strong aussie was posiing challenges for the Australian economy. Those traders said aussie-dollar’s declines were assisted by those comments and aussie-dollar then slid further to trade a fresh session low of $0.9337. The aussie was last at $0.9350 with tech charts showing aussie seems to be have been supported by the 100-day moving average and capped by the 200-day since it closed above the 100-DMA back on Sept 18. The current situation sees oversold daily tech studies looking to correct and the aussie facing a potential move back to the 200-DMA which currently comes in around the $0.9670 level.
