USD Trading Outlook (04-12-2013)
The AUD saw some very heavy turnover yesterday, rallying initially to .9130 after the retail sales data where it ran into a barrage of selling. The inevitable sell-off then ensued and AUD/USD dipped to .9065 after the RBA mentioned the currency in its statement. Strong protection ahead of a barrier option at .9050 held firm despite a number of tests. Today should be another busy day with GDP data likely to have a short-term impact (but with no more RBA meeting until February, any impact will be short-lived).
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