AUD Trading Outlook (03-08-2012)

Australian Dollar (AUD) the AUD/USD hit multimonth highs briefly overnight above 1.0550 from the short squeeze on the EUR/USD before Draghi lifted all majors. The sharp selling afterwards on the EUR/USD and US stocks hurt the Aussie but it held up better than most with the EUR/AUD hitting fresh all-time lows under 1.1650. Looking ahead, no data till next week.

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