Buoyed by healthy demand from hedge funds and model accounts, the Aussie has bounced to beyond 1.0250 this morning, up from an overnight low around 1.0180. Near term, the AUD may struggle to get much above the 200d moving average, which sits at 1.0271. With the euro still languishing, EUR/AUD is below 1.20, and GBP/AUD is under 1.52. On a day when volumes are again relatively light, the healthy tone of the Aussie is again a standout feature. However, as we have intimating recently, from a technical perspective these levels will be very difficult to breach. Short-term traders need to be aware that if China’s growth figures tomorrow night are on the softer side, then the AUD will likely retrace some of these gains.