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Forex: AUD/USD bouncing off lows, around 1.0475/80

By FXstreet.com,  January 07, 2013, 02:17:00 AM EDT

FXstreet.com (Barcelona) - The Aussie dollar is rebounding from session lows in the proximities of 1.0465 on Monday, advancing some pips above 1.0480 despite the broader risk-off tone prevailing in the markets.

Ahead in the day, the AIG Performance of Construction index is down tonight (prev.37), ahead of the more important trade balance figures due tomorrow, where traders expect the deficit to widen to A$ 2.3 billion during November.

AUD/USD is now advancing 0.03% at 1.0479 with the next hurdle at 1.0510 (hourly lows/highs Jan.3) ahead of 1.0528 (76.4% of 1.0585-1.0345) and finally 1.0535 (high Dec.19).
On the downside, a violation of 1.0465 (low Jan.3) would expose 1.0445 (hourly lows/highs Jan.4) and then 1.0403 (MA10d).




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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