The pair’s showing signs of basing just above 1.0400 with a narrow 1,9498-30 in Asia. The sharp rally in EUR/AUD in the latter half of last week has kept the AUD/USD depressed but the pair currently looks well supported ahead of 1.0400 now with talk of some sovereigns bids in the mix.
An Australian holiday today has left turnover light but there’s talk of some sell stops just below 1.0400 (daily cloud base 1.0394)with bids down at 1.0375/85 and again down at 1.0345/55. Sell stops below ahead of technical support at the 200 day MA at 1.0310. Offers now start from 1.0430 layered up to 1.0470 (daily cloud top 1.0466) with some buy stops above.
AUD sits around 1.0424
