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Forex Flash: AUD/USD rally on China trade figures may add scope for 1.0624 – TD Securities

By FXstreet.com,  January 10, 2013, 07:57:00 AM EDT

FXstreet.com (Barcelona) - The Australian Dollar ignored better than expected Australian building permits data as the main focus in the Asian session was China trade data. Much stronger than expected annualized trade figures, with exports soaring from 2.9% to 14.1% in December (consensus of 4.0%) and imports jumping from 0% to 6% (consensus of 3%), triggered a AUD rally to test key trend resistance near 1.0575/80. "A daily close above there would look to 1.0624 (the September high) which is the last stop before resistance thins out and prospects of a move to the mid 1.08 area comes into view"; wrote TD Securities analysts, adding that a could see a pullback toward 1.0515 initially.




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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