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Forex: AUD/USD pullbacks to 1.05; worst Australian trade deficit post GFC

By FXstreet.com,  January 07, 2013, 07:42:00 PM EDT

FXstreet.com (Barcelona) - The Australian Dollar is giving back some of its early gains after the Australian trade balance report confirmed the country's largest trade deficit since March 2008. The number stood at -AUD2.63bn, worse than -AUD2.3bn expected and also surpassingWestpac's -AUD2.4bn trade gap projections.

The AUD/USD seems poised to retest bids around 1.05 after printing a session high of 1.0515. While on the upside 1.0525 Jan 3 high is the next hurdle to breach should buyers gain confidence for further uplegs aimed at last December highs, on the downside a clear break below 1.0480, 2013 sequence of lows, should be achieved before sellers can re-group to try lower quotes, with Jan 7 low at 1.0465 another key swing low that may act as support.




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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