AUD treading water…?
Looks like the pair is stuck into a tight range again but is holding firm after the rate cut earlier in the week. O/n employment data has contributed to the recovery off the 1.0441 lows in Asia , but the going’s still looking heavy on the upside with large option barrier protection offers ahead of the 1.0500 barrier.
Buy stops are poised to be triggered if the barriers flushed and more through 1.0520 ahead of stronger tech resistance up at 1.0565/70
(HSBC’s Chief economist now believes that we may have seen the last of the recent run of easing from the RBA, with the latest jobs data allowing the central bank to take more time to see if the total of 125 bps in cuts is having a stimulative effect on the economy)
AUD’s sitting at 1.0472