Bannockburn: AUD headed northwards

Bannockburn analysis team explains that the AUD is advancing for its third consecutive session and has tested the $0.7080 area, which corresponds to a 38.2% retracement of the decline from late February, after it held $0.7000 level last week, perhaps helped by some large options struck there.

Key Quotes

“The 50% retracement is seen near $0.7100. The real test for the Aussie bears might be in the $0.7125 to $0.7150 area. Today, there is an A$765 mln $0.7050 option.”