AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD moved back above 1.0800 and is also enjoying support as a rusk currency with commodities all stronger led by Oil and Copper. The AUD/JPY is moved to fresh year highs above Y87.60 and is very strong approaching Y88 and Y90 which have proven strong resistance in the past. Looking ahead, UK PMI forecast at 51.2 vs. 51.4 previously.
Australian Dollar (AUD) the AUD/USD broke to fresh year highs above 1.0845 but only briefly as US stocks and the Euro fell heavily in New York. The market is still strong but cannot rally alone and if stocks fall then AUD/USD will be under pressure. Support is seen at 1.0650. Looking ahead, February UK PMI Manufacturing forecast at 51.8 vs. 52.1 previously.
Australian Dollar (AUD) the AUD/USD grinded higher but since we already close to resistance it was hard work towards 1.0800 overnight. January Retail Sales came out at 0.3% m/m as expected and helped the pair push above 1.0800 in Asia trade Wednesday. Looking ahead, January Consumer Credit forecast at 0.2bn vs. -0.4% previously. Also Q4 CAPAX forecast at 3.2% vs. 12.3% previously.
Australian Dollar (AUD) the underperformance of the Aussie was reversed yesterday with the pair the best performing currency in the US session gaining heavily across the board. Resistance is seen at 1.0800 which has held the top of the recent range.
Australian Dollar (AUD) the Aussie is getting the jitters and the bulls are nervous with everyone expecting a move higher in recent weeks disappointed and we finished lower even as the EUR/USD soared. Stronger Support is seen towards 1.0500 but the selling is mild with AUD/JPY buyers supporting.
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