AUD Trading Outlook (05-07-2011)

The Australian Dollar (AUD) was under heavy selling pressure in Asia after economic data missed with May Retail Sales dropping -0.6% vs. 0.3% forecast and Building Permits dropped -7.9% vs. -0.5% forecast. Support was found near 1.0700 and the pair pared losses in the US session. Overall the AUD/USD traded with a low of 1.0710 and a high of 1.0787 before closing the day at 1.0745 in the New York session. Ooking ahead, RBA Rate Announcement forecast unchanged at 4.75%.

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