I’m certainly not brave enough to call a turn in the AUD as it’s bitten me too many times in the past but it does seem that the recent bullish momentum is beginning to wane. The AUD/USD struggled yesterday while the cable was rallying hard and AUD/JPY backed off 88.00 immediately without making a really strong push to get through.

Bids are still being reported in the AUD/USD around 1.0250/70 but rallies are also likely to meet with supply, from cross traders primarily.