It’s been a healthy consolidation of gains for AUD with one dip to the 0.9280 area the biggest drawdown of the day. Gold took a header, dropping to $1132 from 1142 in quick fashion but it soon rebounded, and so did AUD.
Limiting the topside on rallies was talk earlier in the day of sell orders from the RBA at 0.9330/35. Dealers see the RBA sales as a smoothing action rather than an attempt to try and drive the rate lower. The mid-November highs at 0.9405 is the topside target for the bulls near-term.
