Opened in Asia at $1.0705 after a strong rally yesterday from lows in $1.0570 in early europe yesterday. A strong EUR rally on expectations of a quick result to the Greek debt swap with private creditors led a sharp rally in EUR/USD. This helped AUD back up through a $1.0700 barrier to $1.0740 in NY before paring back on talk that the Greek deal would be settled in “days” as opposed to a matter of hours. Asian equities this morning assisted a further rally along with strong Aussie trade data (despite poor building approvals), taking out another barrier through $1.0750 to highs of $1.0758. AUD/JPY headed higher on the back of the trade data peaking at Y81.92, before slipping back later to Y81.53. EUR/AUD continues on its downward track this week with a further slip to A$1.2266 from early highs of A$1.2302. AUD/NZD pushed up from NZ$1.2850 to NZ$1.2883 before drifting off again to NZ$1.2846. AUD support is now seen towards $1.0690/00 with strong resistance in the $1.0750/65 area ahead of talk of large stops through $1.0770 and $1.0800.
EasyForexNews Research Team