AUD Trading Outlook
Australian Dollar (AUD) the Aussie was bought up in Asia on news that china was looking to expand its investments in Europe. Sentiment weakened though later as the AUD/USD failed to break 1.0780 for a third time and stocks collapsed in the US session.
Australian Dollar (AUD) the Aussie fell out of favor in Asia with the technical picture growing more and more bearish in recent trading sessions. The break to fresh lows under 1.0640 proved short-lived however and reminders traders that buyers still exist on dips for the Chinese linked commodity powerhouse. Looking ahead, BOE Governor King speaks in the European session today.
Australian Dollar (AUD) the AUD/USD was leading the market lower in Asia after the downgrades with last Friday’s low at 1.0640 the next support to be tested if Europe pushes lower. The Jobs data on Thursday is the next key risk event. Looking ahead, January UK CPI forecast at -0.5% vs. 0.4% previously.
Australian Dollar (AUD) was under heavy selling pressure on Friday as the RBA downgraded the growth and inflation outlooks for 2012 in their Quarterly Monetary statement. The market has been overbought and the move from 1.0800 to 1.0650 has helped shake out the weak longs and now a move higher is much easier technically.
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