Aussie started this morning’s session at $0.9258 following last night’s $0.9243 to $0.9287 US trading range. Early market action saw aussie sellers taking control, pushing aussie down from an early $0.9264 high toward $0.9240. A variety of reasons were cited for the move although some trades noted selling from retail accounts also contributed to the fall. The pair then ran through rumored stops below $0.9240 in part due to gains in euro-aussei cross, and aussie-dollar slipped to $0.9226 lows as as Chinese markets open and as the Shanghai Composite opened right on the 2000 mark. The pair has staged a mild recovery off the low but retains a broadly defensive tone going into the European session ahead. Aussie-dollar was last at $0.9244 with those earlier reported sellers sadi to be still active with offers at $0.9280, while buy-stopsare noted further up from $0.9320. On the downside, minor demand is seen toward $0.9220 with more stops likely if that caves in. Lower levels remain favoured while the 21-day moving average at $0.9320 caps.
