AUD/USD]

[AUD/USD] rose from an opening level of 0.6900 to an intraday high around 0.6925 on light buying from an Aussie and a European name. However, market chatter of a Spanish regional bank needing a bailout saw the Eur/Usd trade through Fibo retracement level and stops under 1.3250 to low around 1.3225 knocked the AUD/USD off its perch to register a low around 0.6890 before recovering a tad to current level of 0.6905. With Asia/Pacific stocks in a sea of red, the downside towards support at 0.6950 looks vulnerable at this point in time. However, as this is a corrective move of recent gains, we prefer buying dips towards the said support level.