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AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD tried to break the key resistance again at 1.0370 but failed to breach the strong level and has been in a range between 1.0360 and 1.0340 for the past two trading sessions. The recent selling has been due to EUR/AUD buying and so when that reversed aggressively last night we saw support from the cross in the major. Looking ahead, G20 meeting to affect the Yen directly if they mention Japan Explicitly.
Australian Dollar (AUD) the Aussie was strong making a run at large stop above 1.0360 before finding the sellers camped just above the level and falling back 1.0340 in Asian trade today. The AUD/JPY and EUR/AUD are the main crosses moving daily with buyers on the AUD/JPY fighting the EUR/AUD uptrend sellers. Looking ahead, BOJ Rate Announcement forecast to hold at 0.1% but attention will be on the statement and press conference with outgoing BOJ Governor Shirakawa. UPDATE Q4 Japanese GDP forecast at -0.1% vs. -0.9% GDP previously Q/Q.
Australian Dollar (AUD) the Aussie reversed aggressively yesterday after finding support at fresh trend lows near 1.0230. The short squeeze has continued so far in Asia with stops being hit up to 1.0360. February Westpac consumer sentiment showed a surge of 7.7% vs. 0.6% previously and surprised the market. The negativity seen over the last two weeks has been linked to large EUR/AUD buying but this has slowed in recent sessions and last night reversed from 1.3100 resistance.
Australian Dollar (AUD) the AUD was weak from the open and fell to fresh lows as EUR/AUD buying resumed in mass. 1.0250 has held strong so far on two attempts in Asia but the trend will be hard to reverse given the deteriorating Australian outlook and the large long positions built up in the market over the past few years. Update January Business Confidence at 3 unchanged.
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