AUD Trading Outlook (12-05-2011)

The Australian Dollar (AUD) was pelted as commodities and stocks turned. Support was found eventually ahead of 1.0650 but the market will be concerned to buy too aggressively since the potential for a stampede to the exit with longs AUD is well known. Overall the AUD/USD traded with a low of 1.0662 and a high of 1.0890 before closing the day at 1.0695 in the New York session. Looking ahead, April Employment change is forecast at 18k vs. 37.8k previously. The Unemployment Rate is forecast remain at 4.9%.

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