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Forex: AUD/USD steady circa 1.05 ahead of AU retail data

By FXstreet.com,  January 08, 2013, 06:33:00 PM EDT

FXstreet.com (San Francisco) - AUD/USD finished unchanged around 1.0500 for a second day Tuesday after trading a wide intraday range of 1.0468/1.0515, and movements in spot this morning in Asia are expected to remain tepid as participants await Australian Retail Sales data for November, forecast to have risen 0.4% (MoM). According to OzForex Research, "any figure above 0.3% likely to provide support for the local currency," it says in its daily research note.

Regarding the outlook for AUD/USD, "The upside … is favored, with 1.0525 highs still the resistance level to overcome to confirm the advance," comments Valeria Bednarik, Chief Analyst at FXstreet.com. Above the mentioned 1.0525 mark, further levels of selling interest may be found at 1.0550 and 1.0600; support levels may be found at 1.0460, 1.0430 and 1.0400. Spot currently stands at 1.0505.




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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