AUD Trading Outlook (15-08-2012)
Australian Dollar (AUD) the AUD/USD is struggling this week breaking down below 1.0500 supports overnight as profit takers took control. The uptrend is still in play and it is healthy to have the market correct lower but as is always the case reversals and downtrends begin with corrections. Support is seen at 1.0450-1.0380 area and the 200DMA is still significantly further away at 1.0300. EUR/AUD and GBP/AUD are both surging higher and threatening to break uptrends. Update August Australian Consumer Sentiment at -2.5% vs. 3.7% previously.
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