FX Alerts

Aussie buoyancy

11/07/12 @ 10:01 GMT by Michael Derks, Chief Strategist

Buoyed by healthy demand from hedge funds and model accounts, the Aussie has bounced to beyond 1.0250 this morning, up from an overnight low around 1.0180. Near term, the AUD may struggle to get much above the 200d moving average, which sits at 1.0271. With the euro still languishing, EUR/AUD is below 1.20, and GBP/AUD is under 1.52. On a day when volumes are again relatively light, the healthy tone of the Aussie is again a standout feature. However, as we have intimating recently, from a technical perspective these levels will be very difficult to breach. Short-term traders need to be aware that if China’s growth figures tomorrow night are on the softer side, then the AUD will likely retrace some of these gains.

Tags: aud

Disclaimer: This material is considered a marketing communication and does not contain, and should not be construed as containing, investment advice or an investment recommendation or, an offer of or solicitation for any transactions in financial instruments. Past performance is not a guarantee of or prediction of future performance. FxPro does not take into account your personal investment objectives or financial situation. FxPro makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by any employee of FxPro, a third party or otherwise. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of FxPro. This communication must not be reproduced or further distributed without the prior permission of FxPro.

Risk Warning: Contracts for Difference (CFDs), which are leveraged products, incur a high level of risk and can result in the loss of all your invested capital. Therefore, CFDs may not be suitable for all investors. You should not risk more than you are prepared to lose. Before deciding to trade, please ensure you understand the risks involved and take into account your level of experience. Seek independent advice if necessary.

FxPro UK Ltd is authorised and regulated by the Financial Conduct Authority (previously FSA) (Registration no. 509956). FxPro Financial Services Ltd is authorised and regulated by the CySEC (licence no. 078/07).

live chat