AUD Trading Outlook (02-08-2012)
Australian Dollar (AUD) the AUD/USD rallied back above 1.0500 and hit day highs at 1.0540 before being reversed sharply after the FOMC to below 1.0500. The Asian market sold as well to 1.0440 but we are rallying back towards 1.0500 after retail sales and trade balance in June both beat expectations. The AUD/USD will take its cue from the stock market’s reaction to the ECB tonight and positivity may see new highs towards 1.0600 and year highs 1.0700.
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