Unusual really as it usually over reacts .. just had a peek at the EUR/AUD chart which kind of explains a few things. We’ve come off almost 100 pips today from the Asian highs of 1.3756 and matched Tuesday’s low of 1.3659. A break down here could extend down to 1.3550-1.3600 area.
AUD/USD holding up well around 0.9690 after some strong corporate buying just off the low earlier, and an Asian sovereign has been showing buying interest at current levels earlier in the session.
Option strikes today are at 0.9700 and 0.9800 (large). Offers are up at 0.9715/20 and 0.9740/45.
