Friday’s rally from the 1.0420 area has been maintained in Asia, with the market shrugging off Moody’s cutting Queensland ‘s outlook to negative from stable.
AUD’s sitting around 1.0458, just below Friday’s NY highs of 1.0471, but the trend remains intact with large bids now building down at 1.0400/10.
There are bids in front at the 1.0440/50 level with some small sell stops just below, and through 1.0425 but the larger stops don’t come in until a break of 1.0400.
Talk of buy stops above through 1.0480 ahead of strong offers in the 1.0500/20 zone and rising trend channel resistance up at 1.0545/50.
