The 8780 level has given way after holding up this morning, with CTAs and model fund continuing to sell the local currency. Bids ahead of 8750 have stopped further falls, but the AUD still looks sick and with USD still looking bid, another bout of selling could easily be seen heading into Europe.
EURAUD has performed well over the last few days and now has the target of 1.6320/30 in its sights.
