AUD Trading Outlook
Australian Dollar (AUD) the AUD/USD has been heavy selling pressure over the last 2 trading days breaking under 1.0500 on Friday and then 1.0400 during holiday trading so far this week. The usual AUD buyers have been missing over the last few sessions and we could be in for more selling if key supports are broken at 1.0295 (200 day moving average).
Australian Dollar (AUD) the AUD/USD seemed ran out of steam overnight unable to track the EUR/USD higher and instead left to orbit 1.0550. Some analysts pointed to the large Gold selloff as the reason for the underperformance.
Australian Dollar (AUD) the AUD/USD fell back to 1.0540 from 1.0580 resistance but the market is still bullish and will likely attempt 1.0625 year highs if sentiment remains strong. Some focus on 2013 RBA rate cuts could put a cap on the topside with some banks looking for 1% worth of rate cuts next year.
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