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HISTORICAL DETAILS
% Change
1 Wk -0.40%
1 Month 1.26%
3 Months -0.31%
6 Months 7.05%
1 Year 23.39%
52 WEEK
High 1.1012
Low 0.8634
BLOOMBERG MEDIAN FORECASTS
Q2 2011 1.07
Q3 2011 1.06
Q4 2011 1.04
Q1 2012 1.04
DAILY DETAIL
Despite yesterday’s more dovish meeting minutes from the Reserve Bank of Australia, AUD/USD pushed sharply overnight as improving risk appetite across all asset classes saw traders buying the commodity-driven risk currency. From yesterday’s low of 1.0596, AUD/USD rallied more than 100 pips to hit a high of 1.0739, before closing the session slightly weaker at 1.0729. The recent jump has been purely driven by risk, as rate hike expectations have been pushed back across the board recently and the RBA said yesterday that 2011 GDP growth was unlikely to be as strong as expected. From a technical perspective, the last few months have printed a bullish inverted head and shoulders reversal pattern in AUD/USD. The neckline sits around the 1.08 level, so a decisive break up through here would likely signal another move higher and a re-test of May’s 1.1010 all-time high. It’s currently trading at 1.0720. Ben Potter, Australia
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