AUD Trading Outlook (26-07-2012)
Australian Dollar (AUD) the AUD/USD reversed as aggressively from the start of Asia where support was found at 1.0180 after CPI came in slightly weaker than expected at 0.5% vs. 0.6% forecast Q/Q. The EUR/USD and subsequent US stock market rally helped extend the rebound into a full blown risk rally and we saw a move above 1.0300 and then on to fresh week highs above 1.0330. The outlook is mixed with the Eurozone crisis still capable of pulling the AUD lower but the commodity currency remains well supported on the dip.
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