Forex: AUD/USD hovering over 1.0480
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AUD/USD
FXstreet.com (Barcelona) - The Aussie dollar is trading around yesterday's highs, flirting with the 1.0480 level as markets remains unbiased so far. AUD thus keeps its buoyancy after the RBA has cut the overnight rate by 25 bps on Tuesday, broadly in line with expectations.
According to Sean Callow, analyst at Westpac, "The outlook seems more clearly positive for Q1 2013 however, as commodity prices should swing higher on stronger Chinese growth. We target 1.06 by Mar 2013".
The cross is up 0.04% at 1.0476
Next resistance levels line up at 1.0484 (high Dec.4) ahead of 1.0491 (high Nov.27) and 1.0500 (psychological level).
On the other hand, support levels lie at 1.0460 (hourly high/lows Dec.4) followed by 1.0411 (MA21d) and then 1.0393 (low Dec.3).
According to Sean Callow, analyst at Westpac, "The outlook seems more clearly positive for Q1 2013 however, as commodity prices should swing higher on stronger Chinese growth. We target 1.06 by Mar 2013".
The cross is up 0.04% at 1.0476
Next resistance levels line up at 1.0484 (high Dec.4) ahead of 1.0491 (high Nov.27) and 1.0500 (psychological level).
On the other hand, support levels lie at 1.0460 (hourly high/lows Dec.4) followed by 1.0411 (MA21d) and then 1.0393 (low Dec.3).
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