The combination of heavy risk aversion late Friday as US equities slumped sharply along with news over the weekend that China was upping reserve requirements again and Australian was introducing a 40% natural resources tax on miners helped push AUD lower late last week and early in the new week.
Prices have recovered from the 0.9228 and AUD/USD now trades about 0.9265, recouping about 50% of the losses from Friday’s 0.9324 highs. 0.9280 is the 61.8% retracement of the 0.9324/0.9207 drop.
