The pair opened at $0.8689 and ran into early selling pressure, due to worries about commodity prices and as yen crosses started to take their cue from a rapidly falling dollar-yen rate. Aussie-dollar slipped in the opening hours and fell to a $0.8652 low, as the aussie also took a spill on following gains in euro-aussie. The aussie bounced off that low and then recovered through $0.8700 as sentiment turned against the US currency and as Chinese iron ore prices and other metals like gold also spiked during early Asian dealings. Aussie-dollar got up to around $0.8715 just before the releaseof China’s trade data and it then edged up to $0.8739 after the data were issued before then extending the highs to $0.8750 about 30 minutes later. Aussie-dollar was last at $0.8736. Bulls now need a close above $0.8793 to ease the bearish pressure and above $0.8898 to end bearish hopes and target $0.9114. Stops are noted above $0.8800 to start the new week and on the downside below $0.8640.
