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As the risk-averse theme continued...........>

AUSSIE
AUSSIE: As the risk-averse theme continued overnight aussie remained defensive
ahead of RBA Lowe's semi-annual testimony. Despite offering little new
information, the rate encountered fresh selling pressure to $0.7839 following
remarks in the Q&A that said would intervene in FX market only in extreme
situation. Dip buyers emerged off the low, rate traded either side of $0.7850
into Europe. A break of the o/n low opens $0.7818 (50% $0.7571-0.8066).
Resistance at $0.7875/76 (Hourly high, Asia high). Short covering extends to
$0.7862 at typing. 

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