Prospect of more RBA intervention encourages profit taking in AUD/USD

The AUD/USD closed in NY at .8905 and is a little lower in early Tokyo trade with the prospect of some more ‘smoothing’ exercises by the RBA encouraging those clever enough still to be long to book some healthy profits. The Australian central bank was seen selling at .8910 during the NY session to try and slow down the rise of the AUD, rather than to stop it. Trailing stops below .8860 might come into play if this mornings’ trend persists.