AUD Trading Outlook (02-10-2012)
Australian Dollar (AUD) the AUD/USD is another currency getting a lot of attention overnight with the RBA today and many expect them to cut rates to help support a faltering economy. The AUD/USD bounced off 1.0330 supports in Asia yesterday but failed at 1.0400 and is in a holding pattern waiting for the RBA announcement. A hold decision should allow the Aussie to retest 1.0400 and a continuation of the recent range trading seen between 1.0300-1.0600. Looking ahead, RBA Interest Rate Meeting forecast to hold at 3.5%.
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