The AUD/USD recovery has gathered pace this afternoon, popping from around the 0.9920 late in London trade to the 0.9965 level now at mid-afternoon. A nice bounce in commodities, a recovery of early equity market losses and a moderation of the slide in US interest rates are helping the AUD, suggesting that earlier risk aversion is easing.
Maybe the market is getting a case of flood-fatigue as well…
Resistance is eyed in the 0.9882/92 area near-term. Stops are eyed above the 1.00 level.
