AUD/USD holding steady into Europe’s open..
Despite some weaker than expected Chinese import/ export data this morning, the pair’s continuing to defy gravity and seems content in a 1.0465-91 range so far in the Asian session.
Talk of exporter bids now sitting down in the 1.0460/70 zone are keeping the downside intact with more down in the 1.0440/50 area, but the myriad of offers around 1.0500 and above remain a hurdle for the bulls.
There’s talk also of option barriers up at 1.0525 and 1.0550 but offers ahead lie from 1.0500/10 from importers, corporates and murmerings of possible RBA commercial interest, along with the usual option related offers ahead of the barrier levels.
EUR/AUD’s slip appears to be losing momentum after an early dip in Asia to 1.2288, and has some tech support now around 1.2260/65 where the 100 day MA comes into play at 1.2262. Initial offers seen around 1.2325/35 and 1.2345/55 (kijun line 1.2348), but the pair needs to re-challenge the 200 day MA up at 1.2413 to turn the focus higher again.
AUD’s sitting around 1.0478 with the EUR/AUD at 1.2315