USD Trading Outlook (20-08-2013)
The AUD bulls were driven back by heavy selling in AUD/USD near .9230 and in EUR/AUD near 1.4450. I’m still strongly of the opinion that we are in a consolidation phase for the AUD against most of the other majors and this will remain until the general election. Today’s main risk event will be the RBA minutes from the last meeting. I’d expect most of the action to be in the crosses once again and we can look to metals and equity markets for leads.
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