There’s a fair bit of indecision ahead of the RBA later today; the vast majority expect no change of any kind but there are some analysts predicting a 25 bps cut and others predicting a 25 bps hike.
Heavy sell orders have been noted near 1.1000 on both visits yesterday and this is put down to profit taking by longer term long positions. Bit of a mixed bag close to the market on the downside with trailing stops mixed in with buying interest. The option market is reportedly still sitting short and exposed, with lots of heavy buying interest towards 1.0700 and below. This also suggests that there might be a lot of stops on a clear break above 1.1000.
