O/n warning from the RBA that a strong AUD could become a drag on growth has led to some profit taking again along with the weaker Chinese trade data. Whilst i don’t think this pairings gonna collapse, we may well see a break down through 1.0500 at some point today although exporters will be happy to absorb in the mid 1.04’s.
EUR/AUD is now building support in the 1.1600/20 area which could see a bounce back to 1.1700/20 zone before another fall and AUD/JPY’s starting to get a touch of vertigo above 83.00, with a move back towards 81.80 looking a possibility.
Just my thoughts (i’m probably wrong), but have a look at the orderboard for where the stops are.
AUD’s sitting around 1.0520