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Forex: AUD/USD threatening Monday lows

By FXstreet.com,  January 08, 2013, 02:46:00 AM EDT

FXstreet.com (Barcelona) - The Aussie dollar is giving away yesterday gains, trading in the 1.0475/80 region after hitting levels above 1.0515 earlier in the Asian session.
Today's bearishness has been accentuated after the Australian trade deficit widened to A$ 2,637 million during November from October's A$ 2,443 million and A$ 2,300 million expected.

According to analyst Adrian Foster at Rabobank, "Clearly weaker commodity prices and ongoing investment-induced demand for plant and equipment imports have weighed on the overall trade accounts in recent months".

The cross is now losing 0.25% at 1.0476 with the next support lying at 1.0466 (low Jan.7) ahead of 1.0465 (MA21d) and finally 1.0424 (MA10d).
On the flip side, a breakout of 1.0513 (high Jan.7) would aim to 1.0528 (76.4% of 1.0585-1.0345) and then 1.0535 (high Dec.19).




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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