AUD Trading Outlook (08-01-2013)

Australian Dollar (AUD) the AUD/USD did well in the commodity rally overnight with Oil pushing higher and Iron ore remaining at 2011 levels. AUD/JPY is getting support on dips and remains elevated near the Y92 level. AUD/USD is finding tough resistance above 1.0500. Looking ahead, November Trade Balance forecast at -2300mn vs. -2088mn previously.

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