FXstreet.com (Córdoba) - AUD/USD is retreating after posting a fresh 14-high at 0.9126. The pair rebounded sharply and fell almost a hundred pips in a few hours, extending the decline after the opening bell at Wall Street. The Aussie dropped to 0.9030 posting a fresh intra-day low. Currently the pair trades near the lows and is 0.35% below today's opening price action. Earlier AUD/USD traded above 0.9100 for the first time since August 7th of last year.
John Hardy, analyst at Saxo Bank, comments: Interesting to note the reversal today after the pair pushed to strong new highs on no news in particular. The last phase of appreciation has been steeper than previous waves of action in this uptrend and the rally has outrun the support from interest rate spreads widening in favor of the Aussie. If we have an ugly day on the equity markets today or tomorrow, this pair could be in for a steep consolidation lower.