Buy stops are said to begin as close at 0.9065 in AUD/USD, a ridiculous spot considering the recent highs were 0.9070…
Traders report the RBA sold some UAD/USD earlier in the day at 0.9020 and China was a seller in the 0.9040/50 area.
It would not surprise me to see the market push for stops around 0.9070 and quickly turn-tail and book profits. I’d be reluctant to buy strength despite improved risk appetites.
AUD trades now at 0.9052.