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AUD Trading Outlook (08-08-2012)

Australian Dollar (AUD) the AUD/USD had an eventful day with the market hitting 1.0600 just after the RBA held rates at 3.5% yesterday in Asia but this was short lived and profit takers have taken control reversing the pair lower. Support is seen at 1.0530 and 1.0480 where we should see solid support with the Aussie enjoying the benefits of a commodity and Stock market rally. Update Japan June Current Account forecast at -19.6bn vs. -62.6bn forecast.

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