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AUD Trading Outlook (06-05-2011)

The Australian Dollar (AUD) was crushed lower with longs all fleeing for the exits with the 10% drops in Oil and sharp drops in Gold and Silver leaving commodity currency battered. Support was found under 1.0600 and if stocks can turn around then bargain hunters may emerge given we traded at 1.1000 on 4 days ago. Overall the AUD/USD traded with a low of 1.0560 and a high of 1.0748 before closing the day at 1.0610 in the New York session. UPDATE RBA MONETARY STATEMENT UPGRADES EMPLYOMENT

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