AUD Trading Outlook (30-07-2012)

Australian Dollar (AUD) the AUD/USD soared to fresh multi month highs almost touching 1.0500 as it tracked the EUR/USD higher. The bears have been completely wrong on the AUD in recent weeks with the China slowdown story not as big as many had predicted and the EUR/AUD downtrend providing support rather than usual crisis selloffs seen for the AUD/USD. In fact for some investors the AUD is looking like a safe haven in Asia far away from the US and Eurozone debt concerns.

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