AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD followed the same theme trading in a 50 pip range above the 1.0700 level and the consolidating the rally. Further stock market gains tonight on the back of strong US jobs numbers would be needed to move the Aussie to the next level.
Australian Dollar (AUD) the AUD/USD was well supported on dips and reversed more aggressively than most to fresh month and 2012 highs above the 1.0700 key resistance. The 1.1100 all-time highs are in view but the stock market will have to continue to stretch gains with local economic data mixed enough to allow the central to consider cutting rates.
Australian Dollar (AUD) the Aussie rallied in Asia but failed for a third time at 1.0680 and fell back with US stock markets. The Continued failure is suggesting the rally has run out of steam and either consolidation or a pull back are in store. Next Tuesdays RBA rate announcement the main risk event going forward for the longer term uptrend with some analysts calling for more rate cuts.
Australian Dollar (AUD) the AUD/USD was technical set up for a significant correction after the double top at 1.0680 and this proved correct with a sharp fall to 1.0530 before reversing with fresh buyers and the bounce in US stocks. The outlook and trend is still higher with a test of 1.1000 likely. UPDATE December Business confidence at 3 vs. 2 previously.
Australian Dollar (AUD) the AUD/USD posted a double top near 1.00680 and has come under heavy profit taking pressure so far in Asia on Monday morning. The market has built up substantial long positions across the AUD market with EUR/AUD still near record lows and this is hampering the topside in the short term. Little data this week means the AUD/USD will take its cue from Global stock markets.
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