AUD Trading Outlook
The Australian Dollar (AUD) the Aussie struggled in the European session hitting 1.0230 lows after breaking below 1.0300 in the Asian session. The market then stabilized with US stocks but struggled to bounce with the market uncertain if the Euro crisis is going to ease anytime soon and many caught long after the large rally earlier in the week.
The Australian Dollar (AUD) the Aussie dipped towards 1.0300 but found support and closed at opening levels in a bullish resistance to the Eurozone risk off. EUR/AUD hit all-time lows under 1.2500 and is continuing to trend lower. The outlook is mixed with a major event in Europe potentially causing a sharp selloff back to the 1.0000 level. We continue to look to the stocks markets and US Non Farm Payrolls data on Friday. UPDATE Trade Balance at 1380mn vs. 1595mn previously.
The Australian Dollar (AUD) the Aussie led the market higher gaining against all the majors with the commodity currency the first choice to express positive risk appetite. EUR/AUD is still at all-time lows near 1.2500 and GBP/AUD is moving towards 1.5000 and then 1.4800 all-time lows. Little economic data this week so we continue to look to the stocks markets and US Jobs data on Friday.
The Australian Dollar (AUD) the AUD/USD continued to be supported on Monday after a move up to the top end of its recent range on Friday. The outlook is improving with China economic data not slumping as much as feared and the RBA signaling it does not have to cut rates on local economic factors alone. The key resistance on the topside is 1.0500 and will be the bulls target if 1.0300 breaks today after a strong opening on in Asia Tuesday.
The Australian dollar rose versus the greenback at 1.0269 from 1.0137. The Aussie which followed the decline in the euro remains vulnerable in thin trading conditions as the new year begins.
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