The nickname for the RBA in the Australian interbank market is ‘The Rabbit’. I have heard of no sightings over the last 24 hours but they have sold around AUD$1.5 billion during June. This is probably part of the AUD$4billion they bought just above .60 cents. They have a bit more to go and I would be surprised if they openly show themselves before we reach .8300.
Dealers report some trailing stop-losses above .8060 and some decent sized sell orders at .8070/90 level so the laws of magnetism probably apply and we will be dragged higher towards these levels as the session progresses.
