[AUD/USD]

[AUD/USD] recovered smartly off its intraday low around 0.6940 to 0.6975 on buying from a US and European name. The pair was also given a lift from a German name buying the Aud/Nzd cross which had seen it testing the 1.2440 level. Also providing an additional prop to the pair was Aud/Jpy buying from Japanese sec house and margin accounts sending the pair back above the 68.00 after having fallen to a low around the 67.70 level on earlier selling from exporters. However, offers at 0.7000 will likely stall any further upmove until the European session but the turnaround in Asia/Pacific stocks which had been trading in negative territory for a better part of the morning will likely see the 0.7000 handle tested at some stage today.