AUD Trading Outlook (06-07-2011)
The Australian Dollar (AUD) the RBA meeting was the big news as they held at 4.75% but were more dovish than expected in the accompanying statement citing risk to the growth forecast for next year and concern that employment growth will be slow in the coming months. Support was found at 1.0660 and the market spent the rest of the day in a tight range. Overall the AUD/USD traded with a low of 1.0662 and a high of 1.0743 before closing the day at 1.0690 in the New York session.
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