AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD broke out of the recent range to the downside bowing to the USD strength even as Chinese Manufacturing picked up in January according the HSBC PMI Survey. AUD/USD broke through 1.0500 and 1.4080 support which had held for the past two weeks.
Australian Dollar (AUD) The Aussie kept to its recent range like clockwork bouncing off 1.0530 after CPI came out more cooler than forecast at 2.25% vs. 2.4% y/y. The market has been unable to break out of the recent range for 3 weeks now and it might take the RBA in February to finally give the market a catalyst that break through. Looking ahead, January HSBC Chinese manufacturing PMI previously at 51.5.
Australian Dollar (AUD) the AUD/USD was very quiet compared the other majors with a small rally towards the topside resistance near 1.0580. The market is waiting for the CPI data which is important for the RBA which is a inflation fighting central bank. UPDATE Q4 Australian CPI at 2.2% vs. 2.4% y/y.
Australian Dollar (AUD) the AUD/USD is continuing to compress as range trading continues. A new trend is likely once the range is broken but the market is not giving many clues as to the next big story in the market with the exception of Yen which everyone is enjoying gains on. UPDATE BOJ Target Inflation 2%.
Australian Dollar (AUD) the AUD/USD remained quiet at the bottom end of its 1.05-1.06 range. The outlook for the commodity currency is mixed with recent stock and Oil gains failing to materialize into Aussie strength. AUD/JPY is still in a strong uptrend but most of these gains are from the USD/JPY. A strong China bounce in Q4 is underpinning the AUD support.
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