AUD/USD: Looking to play .7725/.7850 intraday range

Spot AUD/USD is back to where we were yesterday pre-RBA but of course the AUD has lost significant ground against the EUR and CAD in particular. Reports in the market had suggested that some very big short positions have been built up, although the price action post-RBA did not seem to confirm this.

There is short-term technical resistance at .7850, which should attract some selling interest, and the previous lows around .7725 will likely become relevant again as a magnet for profit takers.

The RBNZ speech in a little under 3 hours is the main risk event for the Aussie this morning.

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