The 0.8260/65 level that contained AUD/USD rallies until RBA governor Stevens gave the pair a boost overnight by highlighting upside economic risks is rapidly coming under renewed scrutiny. This time the scrutiny comes from above as AUD/USD pullback from 0.8338 highs.
Expect bids toward 0.8260/65 as those who missed the breakout look for a second chance to jump aboard the train. Stop loss orders from those who entered the train near the end of the line are likely just below 0.8260, however. Clever traders will try and hold off to buy the stop-loss induced dip, should it come.
