AUD Trading Outlook
The Australian Dollar (AUD) was crushed in the US session as copper fell over 3% and the USD surged on strong data. The tone and mood towards the Aussie has changed markedly with the market finding itself caught long AUD against many pairs. Overall the AUD/USD traded with a low of 0.9830 and a high of 0.9982 before closing the US session at 0.9850.
The Australian Dollar (AUD) was under a lot of pressure after staging an impressive rally for the first half of the day trading as high as the 1.0080 before reversing and ending below parity. AUD/JPY acted as a drag on the AUD/USD as did weak commodities. Overall the AUD/USD traded with a low of 0.9963 and a high of 1.0079 before closing the US session at 0.9980
The Australian Dollar (AUD) tested resistance at parity for most of the day after tracking higher in Asia on the back of strong risk appetite. AUD/JPY also moved higher but many crosses were under pressure as traders pared back expectations of RBA rate hikes in 2011 after the devastating QLD floods. Overall the AUD/USD traded with a low of 0.9895 and a high of 1.0008 before closing the US session at 0.9995.
The Australian Dollar (AUD) dipped in Asia on Chinese concerns before recovering nicely in Europe on stronger stock markets. AUD/JPY is finding support under Y82 but upside is limited while USD/JPY struggles. Overall the AUD/USD traded with a low of 0.9861 and a high of 0.9971 before closing the US session at 0.9930.
The Australian Dollar (AUD) was the most affected by the Chinese bank reserve hike on Friday with the pair slipping sharply over a cent below 0.9900 and crosses continued to be unwound. EUR/AUD was the biggest mover last week up nearly 4% higher. Overall the AUD/USD traded with a low of 0.9857 and a high of 0.9993 before closing the US session at 0.9888.
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