AUD/USD: Staying well bid despite RBA minutes
The AUD still looks reasonably strong despite the pullback after stops were triggered above 1.0420. Even the improved prospect of a 25bps rate cut in December is not dissuading the AUD bulls. If this currency cannot fall amidst falling interest rates and falling commodity prices, then it really is the teflon currency (but lets hope we see one exhaustive sell-off before the next big bull run takes over!). Dealers mention decent sized stops above 1.0470 and 1.0480 and they may well be next on the radar?