AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD broke above resistance at 1.0525 in the Asian session yesterday after strong Chinese Trade Balance put the ‘risk on’. EUR/AUD was more interesting down in Asia before surging on the ECB back above key resistance at 1.2500. Looking ahead, China CPI forecast at 0.5% vs. 0.1% previously.
Australian Dollar (AUD) the AUD/USD is remaining locked in its recent trading range around the 1.0500 level. November Retail Sales fell -0.1% vs. 0.3% forecast and did dampen sentiment briefly in the Asian session. Relentless AUD/JPY support and strong US stocks are helping to support. Looking ahead, December Trade Balance forecast at 20.1bn vs. 19.6bn previously.
Australian Dollar (AUD) the AUD/USD continued to orbit the 1.0500 level with sellers at 1.0525 capping but support at 1.0480 is also proving very solid. EUR/AUD has been pushing to the downside falling from 1.2500 to 1.2440 overnight as the Aussie holds up better than the EUR/USD. November Trade Balance forecast at -2637mn vs. -2300mn forecast with imports outpacing exports. Looking ahead, November Retail Sales forecast at 0.3% vs. 0.0% previously.
Australian Dollar (AUD) the AUD/USD did well in the commodity rally overnight with Oil pushing higher and Iron ore remaining at 2011 levels. AUD/JPY is getting support on dips and remains elevated near the Y92 level. AUD/USD is finding tough resistance above 1.0500. Looking ahead, November Trade Balance forecast at -2300mn vs. -2088mn previously.
Australian Dollar (AUD) the Aussie received lots of support on Friday gaining across the board on the back of strong global stock markets. Resistance was found at 1.0480 but buying has resumed in Asia this morning and we have broken above 1.0500. Commodities have rebounded spectacularly in recent months with Iron Ore up over 70% since the 2012 lows.
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