Opened in Asia at $1.0615 after lows in NY of $1.0588. The pair has resisted falls seen in the EUR/USD, as the cross crashed off again from above the A$1.2400 level yesterday. Early AUD/JPY demand assisted an initial rally this morning in AUD/USD to $1.0632 before fixing supply in Tokyo pushed the pair back to $1.0594. Stronger than expected Chinese PMI data then led a recovery back to $1.0640 assisted by further EUR/AUD sales, before later easing back to $1.0605 as the HSBC PMI came in on expectations. Initial support is now seen towards $1.0585/90 and $1.0525/30 with resistance building again through $1.0640/50 and ahead of the $1.0700 barrier. Stops are set on a break up through $1.0700. Aussie-yen traded down from Y81.13 to Y80.74 before the PMI data led a bounce to Y81.06. AUD/NZD picked up from early lows of NZ$1.2844 to NZ$1.2899, and EUR/AUD continued yesterday sharp sell off to A$1.2286 from highs of A$1.2341 in early trade.
EasyForexNews Research Team