With Moody’s likely to maintain Australia’s AAA rating for the near term at least, there’s little reason to sell the pair just now. Offers remain in the 1.0450/60 bracket from option names and some funds, with larger up towards 1.0480/00. Bids start from 1.0420 from sovereigns, real money and corporates, amongst others, and trail down to 1.4000 and 1.0380 with some sell stops mixed in below each, ahead of trend line support towards 1.0360.
Pressure’s continuing to pile on the cross with the EURAUD clinging to some residual support in the 1.2160’s , but failing to recapture the 100 day MA currently at 1.2196 and holding below the daily cloud base at 1.2211. Next downside technical support runs in around 1.2122(31 Aug low) ahead of bids at 1.2100/10
AUD/USD’s presently sitting just off the Asian session highs around 1.0453, with the cross around 1.2167
