AUD/USD is giving ground as the dollar experiences a broad-based recovery this morning. Agressive buying in USD/JPY and Latvian concerns are helping give the greenback a lift as is a pullback in equity markets this morning.
AUD/USD nudged through the 0.8940 level, the 79.4% retracement of the 0.9850/0.5997 decline but so far has been unable to close above that level. 0.8865 is modest support on pullbacks near-term.
Recent RBA sales of AUD have been taken as a sign by some that the “easy” money has been made in AUD and that the sledding will get a bit tougher from here. We trade now at 0.8885.
