AUD/USD after surging on the Sydney open in line with move up in EUR/USD reversed sharply in early Europe and has continued to loose ground throughout the session. The pair has just made fresh lows for the day around 0.9250 down nearly 1.5% from its earlier intraday highs. Buyers ran out steam ahead the key 94 cent level and it has been all downhill since. Some investment bank sales were reported but mostly on behalf of Australian fund managers taking advantage of the elevated levels. Cross related selling played a big part especially due to short covering in EUR/AUD. Comments early today in Asia from the RBA were viewed to lean a little on the dovish side with betting on a May interest rate hike easing from around a 32% probability to a 26% probability. All up the market appears to have been wrong footed today with Sydney going home long only to be stopped out in London. One cannot rule out a test of 92 cents although buying dips remain the preferred play.