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Forex: AUD/USD around 1.0475 after ‘cliff’

By FXstreet.com,  January 02, 2013, 02:20:00 AM EDT

FXstreet.com (Barcelona) - The Aussie dollar has climbed to levels just below the key resistance at 1.0500 from the area around 1.0380 after the US has averted the so-called 'fiscal cliff' on the last moments on Monday, igniting a celebratory risk rally.

Data-wise, the RBA Commodity index SDR has contracted 8.0% YoY in November, bettering the previous -10.3%. According to Adrian Foster, analyst at Rabobank, "The message here is simple and is that the economy is still receiving an income boost from relatively high commodity prices even as prices have fallen noticeably from recent peaks".

At the moment, the pair is up 0.81% at 1.0480 facing the next resistance at 1.0486 (high Dec.21).
On the other hand, a breakdown of 1.0367 (50% of 1.0150-1.0585) would expose 1.0345 (low Dec.26) and then 1.0324 (Lower Bollinger).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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