Opened at $1.0378 after highs in NY of $1.0450. The pair has since traded a relatively tight $1.0371-1.0405 range, with some buoyancy from a stronger rally in EUR/USD, despite some EUR/AUD profit taking. The cross has bounced from fresh all time lows yesterday of A$1.2228 as profit takers emerged, but the pair is finding headwinds above A$1.2300, stalling at A$1.2316 before slipping back down to A$1.2285. AUD continues to be supported by real money demand, but resistance towards the 200 day MA and macro/sovereign sellers towards $1.0420 are expected to resurface. Bids are seen towards $1.0355/60. GBP/AUD was stable in a A$1.4758-89 range after posting 27yr lows in Europe yesterday of A$1.4711. Aussie-kiwi fell back from NZ$1.2980 to NZ$1.2944 falling just short of last Wednesday’s lows of NZ$1.2923. Traders are now focusing on Thursday’s jobs data where a strong number is expected to force a test towards $1.0500.
EasyForexNews Research Team