The Australian dollar fell as low as 1.0378 in Europe and is now chopping around 1.04. RBA Gov Stevens tries to jawbone the Aussie overnight, saying it was “a but above” where it should be but not dramatically so.
Below the intraday lows, support is minimal. Bids not seen until 1.0350 (said to be strong) with stops below. The 61.8% retracement is also at 1.0344.
EUR/AUD hit a fresh 5-week high early in Europe but has faded back to yesterday afternoon’s low of 1.2025. Intraday stops suspected below with more at 1.2485. A break lower may open up further declines in order to consolidate 6-days of gains.