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Forex Flash: AUD/USD set to target 1.0625 Sep 14 high - NAB

By FXstreet.com,  December 12, 2012, 04:23:00 PM EDT

FXstreet.com (Barcelona) - Following the breakout of 1.0510/15 resistance on Tuesday, the immediate risk for the AUD/USD is now for a retest of the 1.0625 Sep 14 high, says NAB strategists.

NAB thinks that unless "there is a set-back in EUR/USD, or any 'second take' on the Fed (both quite unlikely here in our view) then this level is likely to be tested in coming days." The bank warns, though, that speculative long positions in the $A are at record high, thus "profit taking tendances from this sector - alongside ongoing importer sales - should slow a further advance" NAB adds.




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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