AUD/USD remains wedged
Really going nowhere at the moment, with weaker business confidence data shrugged off earlier and even recent rate cuts failing to turn the pair lower for the moment.
Sovereigns, exporters and real money are lined up on bids in the 1.0450/60 (Tenkan line 1.0454) area with talk of some sell stops building down through 1.0440. Below here are bids again in the 1.0400/10 zone which includes the Kijun line at 1.0401, and the 100 day MA just below, at 1.0399
On the topside offers remain up at 1.0500/10 with some rumblings of possible RBA commercial interest as well at the level. Above there are more protecting offers in front of barriers at 1.0525 and 1.0550 with buy stops on breaks of both.
AUD’s presently sitting at 1.0481