AUD Trading Outlook (23-07-2012)
Australian Dollar (AUD) the AUD/USD uptrend was damaged on Friday with the market caught long and a reversal being seen back under 1.0400. The selling has intensified on Monday morning Asia with negative Chinese news over the weekend and the mounting Global stock market losses further undermining the Australian Dollar. The EUR/AUD fell to record lows near 1.1700 but some profit taking has been seen as the AUD is sold aggressively against the Yen and USD and this could spark a short covering rally on the EUR/AUD and GBP/AUD. UPDATE Q2 Australian PPI at 0.5% vs. 0.3% forecast.
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