For now at least…
1.0400 is proving to be a stumbling block for the bulls with talk of hedge funds and possible RBA commercial interest capping, and the 200 day MA down at 1.0339 is proving to be supportive.
There’s also some suggestion of a barrier up there at 1.0400, but larger offers also lurk above in the 1.0440/50 region which also includes a 61.8% fibo retracement at 1.0444.
The HSBC PMI rose to 49.5 from 49.1 ( 8 month high), but this hasn’t manage to spark another run up. Downside sell stops are noted through the 200 day MA ahead of strong bids sitting down at 1.0300/10 ahead of further stops on a break, and again through 1.0280
AUD’s presently sitting around 1.0365
