Back up towards the earlier Asian session highs of 1.0392. The strong building approvals data which came out o/n has started to give some comfort to the RBA as the economy starts to recognize the recent rate cuts, but there’s apparently some heavy offers lined up ahead from 1.0390 through to 1.0410 to thwart the bulls, with EUR/AUD adding to the cause as the cross breaks back up through 1.2500.
Buys stops apparently lie just above 1.0410, ahead of more offers up at 1.0440/50 ( 1.0450 possible barrier) which also includes a 61.8% retracement of the mid Sept-early Oct fall around 1.0444.
AUD’s around 1.0387 with the cross at 1.2508
