AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD is continuing to rally hard up above 1.0550 overnight and completing a 1 week move from 1.0160. The topside targets include 1.0615 the high of the last 6 months. AUD/JPY is above Y82 and providing the Aussie with lots of support in Friday Asian trade.
Australian Dollar (AUD) the AUD/USD tested 1.0500 after the German Court ruling day highs and we have seen consolidation since then above the 1.0450 level. The AUD/JPY is struggling to take advantage of the strong stock market finding resistance at Y81.80. Looking ahead, RBA Governor Stevens Speaks. Update RBNZ hold Interest Rates at 2.5%
Australian Dollar (AUD) another strong day for the risk currency with Iron ore prices surging on calming Chinese fears and US stock indices continuing to press higher. AUD/USD has changed from downtrend to at least neutral in last few sessions and has caught a lot of the market on the wrong foot. Stronger resistance is seen between 1.0500-1.0600.
Australian Dollar (AUD) weak August China Trade Balance data showing a sharp drop in imports hurt sentiment towards the Aussie and prompted a pullback to 1.0330 by the end of the US session. The German court rulings and stock market movements will direct the AUD/USD over the coming sessions. Looking ahead, August AUD Business Confidence previously at 4.
Australian Dollar (AUD) the AUD/USD fortunes improved greatly on Friday with the market caught short after weak local economic data. The weak US Dollar and soaring Gold help lift the AUD/USD above 1.0300 to 1.0400 highs by the close. Some weak Chinese data over the weekend has led to some slight selling so far in Asia but nothing aggressive yet. The AUD/USD remains firsts and foremost a risk currency so day to day movement in stock markets will dictate the direction and trend. UPDATE China August Trade Balance 26.6bn vs. 19.8bn forecast. Imports -2.6% vs. 3.5% forecast.
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