AUD Trading Outlook (05-04-2011)
The Australian Dollar (AUD) suffered more than most, profit taking from very lofty levels above 1.0400 early on Monday. The Market is still very bullish the Aussie but it also already very long after recent months of buying. 1.0500 is the target of many local banks and could be strong resistance. Also adding to the profit taking was the upcoming RBA decision today with event risk prompting traders to book profits early. Overall the AUD/USD traded with a low of 1.0334 and a high of 1.0419 before closing the day at 1.0360 in the New York session. Looking ahead, RBA Rate Decision forecast to hold at 4.75%.
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