Since the early move up from 7920 this morning on the back of AUDJPY buying, AUD has really traded between 7945 and 7975. There are sellers towards 80c on the day and trader bids at 7920. Feels like we may see it back towards 7920-30 area this afternoon. Im slightly bearish going into Europe.
There is a lot of talk of modal funds looking to buy AUD in the mid 78’s, technically however, daily tops are decending and weighing on the AUD. A break below 78c will see a reverse in the trend but until then its 7800 – 8200 on the wide.