The dip under 1.0500 following weaker retail sales (low 1.0487) has still failed to break out of the ‘ball and chain’ range, and the pair’s getting some help from cross buying particularly vs the yen.
The EUR/AUD’s failure to bounce so far after last week’s mauling from 1.2750 is also helping to support the AUD/USD, and keeping the current focus on the myriad of AUD/USD offers lined up ahead. sell orders nearby start at 1.0510/20 (possibly RBA related) with larger towards 1.0550 and more up at 1.0570/80.
Downside bids start at 1.0480 from sovereigns, Asian and European banks with large towards 1.0450. Sell stops lie below through 1.0440 ahead of major support in the 1.0390/10 area which also houses the 100 day MA at 1.0392
AUD/JPY now has offers lined up in the 92.00/10 and 92.40/50 zones with bids from 91.20 down to 90.90. Sell stops are reported set on a break of 90.80 and again through 90.50 ahead of tenkan line support at 90.28
AUD/USD’s sitting at 1.0504 with AUD/JPY around 91.80
