[AUD/USD]

[AUD/USD] rose to a fresh intraday high around the 0.7020 level before it was sold off by model accts and a European name back to the 0.6980/85 level. The catalyst for the move lower was heavy selling in the Aud/Nzd cross by German, UK Clearer and US Prime sending the cross plunging from an earlier intraday high around the 1.2320 level to an intraday low around the 1.2140 level before bargain hunting there stabilized the cross. However, market reckon the cross selling is a tad overdone and recovery is expected which has seen the SUD/USD bouncing back above the 0.7000 handle. Bids at 0.6950 and offers at 0.7030 continue to dictate the range ahead of the European session.