Correction time for aussie?
The Aussie hit a high of 0.6998 against the dollar earlier in the day and approached the handle of 0.7000, before falling back to around 0.6930-40 at the start of European trade .
We can allude to suspicions of profit taking and in the midst of the relentless movement of almost 8% since last month, there may be room for a correction as we approach key levels.
The Australian has now slipped to a session low of 0.6880, as we also see that the dollar and the yen are recovering some losses at all levels over the session. EUR / USD is still close to 1.1200 but is down from its high of 1.1228 earlier in the day, the cable also falling below 1.2600.
For AUD / USD, keeping below 0.6900 would be encouraging for sellers, but they have a lot of work to do to even try to tackle any short-term control with the 100-hour moving average still far away. 0.6745 currently.