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AUD Trading Outlook (31-08-2012)

Australian Dollar (AUD) the AUD/USD is weakest currency in the market with fresh daily lows in the market as the China slowdown and drop in Iron Ore prices leads to further fears for the Australian economy. Support was seen at 1.0280 and we are now under the 200DMA at 1.0300. Bulls are looking for help from the Bernanke speech tonight with two weeks of selling putting them under pressure. Looking ahead, Chinese PMI on Saturday forecast at 50 vs. 50.1 previously.

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