…Along with flat retail sales, corporate profits, 8th consecutive fall in the ANZ jobs data and rising talk of a rate cut at tomorrow’s RBA meeting with futures markets pricing in a 90% possibility.
Bids in the 1.0390/10 bracket are currently sapping up some strong supply, but there is also some technical support in the area with the daily Ichimoku cloud top at 1.0387, 100 day MA at 1.0389 and the 50% retracement of the rise from 16 -27 Nov. at 1.0390.
There are likely sell stops lurking just below ahead of a tranche of strong bids down at 1.0350/60, with more sell stops just below.
AUD’s trading around 1.0400