Combination of O/N rate cut and China PMI has giving the Ozz a bit of a whack this morning from 1.0567 highs in Asia, but sovereign names were seen buying recently and were pulling away from earlier lows of 1.0328.
Some strong buying in EUR/AUD hasn’t helped the cause either but there appears to be some form of a top now building above 1.3250.
Not a heck of a lot on the order boards , but AUD/USD needs to get back up above the 200 and 100 day MA at 1.0408 and 1.0434 at the close tonight to stand a chance of holding the recent rally.
Tech resistance is now seen from 1.0450 and 1.0500/05, Tech support at 1.0320/25 (26 october lows)
We’re at 1.0363 now