AUD Trading Outlook (01-03-2012)

Australian Dollar (AUD) the AUD/USD broke to fresh year highs above 1.0845 but only briefly as US stocks and the Euro fell heavily in New York. The market is still strong but cannot rally alone and if stocks fall then AUD/USD will be under pressure. Support is seen at 1.0650. Looking ahead, February UK PMI Manufacturing forecast at 51.8 vs. 52.1 previously.

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