We were up at 1.0238 earlier and into offers from fund managers as well as the technical resistance mentioned by Sean in the Asian session.
Early sovereign sales in the EUR/USD weighed on the AUD earlier but in it’s favour is also the recent moves in EUR/AUD which is looking soft again.
That cross has started to head lower and one trader tells me what’s significant is that it’s broken down through the 200 day MA (currently around 1.3560). The last few times it’s done this we’ve seen a move down in the cross of around 500 pips.
Guess it could happen again….
On the AUD/USD there are stops down through 1.0150 should we get a sell-off..but we’ve just been up to 1.0243 before another small retreat… let’s see what happens
UPDATE: Now hearing some buy stops building up through 1.0250
