AUD/USD continued the slide lower during the Asia morning as the market sold the currency on the release of the RBA minutes before really reading into the fine print. The price fell from 1.0475 to meet our 1.0435 support before pulling back towards the days high at 1.0485 as the market over extended itself with new bears being squeezed. However, the bearish tone was to win out yet again with risk off trading controlling the action during the European session across most currencies despite little new information. Solid option related buying ahead of the 1.0400 support stopped the decline and with the little information flows and slightly weaker than expected data the price recovered during the US session to now close down 20 points on the day at 1.0452. The breakout of the short term channel could see the price return towards 1.05 before the next decline but with tensions rising between Japan and China, there could be a quick decline towards parity for the AUD. Only minor data releases for the AUD today.
|3rd Support||2nd Support||1st Support||SPOT||1st Resistance||2nd Resistance||3rd Resistance|