Forex: AUD/USD spikes to 1.0520 from 1.0492

FXstreet.com (Barcelona) - The Australian Dollar remains constrained in a 30 pips range between 1.0492 and 1.0520, with most of today's 0.11% gains achieved through the last hour of trading, when the pair rose sharply from one extreme to land on the other. Overall, the market continues offering little clues, with a 1.05-1.06 range context on the daily.

According to Greg McKenna, CEO at GlobalFX, "As last year's and the year before's trade, the risk is high that the Aussie dollar completely underperforms and gradually slides a little due to allocations away from Australia - for the moment, a break below 1.0480/85 will open further downside." On the upside, clean break past 1.0530 is required to seek 1.0550, Jan 17 high.