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AUD Trading Outlook (28-01-2013)

Australian Dollar (AUD) the AUD/USD found buyers scarce with the technical break to the downside out of the recent 1.05-1.06 range suggesting more losses are likely. The main reason for selling has been EUR/AUD unwinding with the cross hitting fresh trend highs above 1.2900. AUD/USD fell to the low 1.0400 region where we have plenty of historical support close by. Strong Chinese data may limit losses of the AUD/USD going forward. Looking ahead, Bank holiday for Australia Day Monday

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