FOREX

The Aussie pushed strongly higher overnight as risk currencies rallied thanks to a potential agreement on the US debt ceiling.

The Australian Dollar has opened higher this morning and is currently trading above USD 1.0700, following a strong night on equity markets and improved investor risk appetite.

The release of the July RBA board minutes on Tuesday signalled an air of caution as far as any near-term rate rises are concerned pushing the Aussie down a third of a US cent in the process.

The euro held steady on Tuesday, taking a breather after its slide to a record low versus the Swiss franc the previous day, but is still vulnerable to fears that Europe's debt crisis could worsen.

The Aussie looks to have found support just above 1.0550 and the fact this produced a higher low is suggestive of a change to a more bullish tone. While the RBA minutes, due at 11.30am, will be of key importance in determining sentiment, in the near term, the markets looks as if it wants to push higher.

The AUD is holding just above USD1.0600 this morning as the market await the RBA’s July meeting minutes to be released at 11:30am AEST.

News late Friday from one of Australia''s leading banks that tipped the Reserve Bank of Australia to cut rates rather than raise rates sent the Aussie down almost one cent in late Asian trade with the pair falling from 1.0740 to 1.0650 as the news hit the local wires.

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The Aussie was hit on Friday night after Westpac came out as the first bank to downgrade expectations for further interest rate increases. This news led the AUD/USD below previous support at 1.0695 and support now moves lower to 1.0620. A break of support at 1.0620 sets up a move back to 1.0500.

The Australian Dollar has opened this week in the mid 1.0600’s, largely where it closed on Friday evening after a very weak consumer sentiment report was released in the US for July.

The market will still be looking for shorts on the AAD/USD, until at least we see a clear break above 1.0800. Targets for shorts will be back to 1.0700. A break of 1.0800 sets up a move to 1.1000.

The Australian Dollar eased slightly overnight upon the news from Federal Reserve Chairman Ben Bernanke moderating speculation and expectations of QE3 in the near term.

The Australian Dollar has given back some ground overnight, although it has managed to stay supported above $1.07 for the most part

Supported by a rally in commodities and Greenback weakness the Australian Dollar has forged its way back above 1.0700 to a brief high near 1.0780.

Supported by a rally in commodities and Greenback weakness the Australian Dollar has forged its way back above 1.0700 to a brief high near 1.0780.

The market will be likely focusing on the downside on the AUD until a clear break of 1.0800. Any move above 1.0800 should trigger further buying with the potential to head back to 1.1000.

The Australian dollar has opened firmer this morning, trading around the 1.0750 level after comments from the Federal Reserve Chairman Ben Bernanke saw a sell off in the USD.

Encouraging economic data out of China today gave a much needed psychological lift to a market looking for any pockets of optimism. The 9.5% print on GDP was marginally above forecast, and significantly above the rumoured 9% figure which had earlier dragged risk assets off their session highs. Industrial production at 15.1% was a solid reading (versus 13.2% forecast), and Retail Sales numbers also showed some vigour coming in at 17.7%. All in all it was a pleasing set of data.

The Aussie continued lower yesterday, before staging an overnight bounce. This provides traders with the opportunity to get short back near resistance at 1.0660/40 in expectation of a move back to support at 1.0550.

NAB Business Confidence reported an index of zero during the Asian session yesterday. This figure was down 6 points from May and an indication businesses are uncertain as to whether conditions for them are improving or worsening.

Risk aversion is once again grappling the markets and as investors get nervy demand for the Australian Dollar dwindles.

The Aussie has broken below support at 1.0600 and this now suggests a move back to 1.0550 is on the cards. Traders will be looking for any move back to 1.0660 to take new shorts.

The AUD is over half a cent lower this morning as debt contagion fears regarding Spain and Italy caused investors to sell out of riskier assets like the AUD.

The Aussie clearly failed at the 1.0780 highs on Friday, weighed down by an increase in risk aversion following the US’s poor jobs numbers on Friday. This has seen some follow through in today’s Asian session and the AUD/USD now looks as if it is heading toward support at 1.0660. Traders will be looking to take new longs while support at 1.0660 holds.

The Australian Dollar has opened in the mid 1.0700’s after the release of US June non-farm payroll data on Friday evening was significantly lower than all predictions.

The Aussie Dollar closed out a busy and volatile week without breaking trend on Friday. After oscillating wildly between 1.0650 and 1.0780 on various data sets and continual swings in risk sentiment, the New York session brought with it disappointing US unemployment data, sending the Aussie tumbling from 1.0780 to a near break of 1.0700.

The Aussie saw a very strong session overnight and this means the market will maintain its bullish tone. All eyes are on a break above 1.0780/800 as this sets up a potential medium-term move to 1.1000.

The Australian Dollar showed remarkable resilience during yesterday's domestic session with support holding around the 1.0670 area. Along with exporter interest, buyers of the unit included Asian central banks resulting in an intraday high of 1.0732 which came less than 24 hours after a somewhat dovish statement by the Reserve Bank of Australia on Tuesday.

The Australian Dollar showed remarkable resilience during yesterday's domestic session with support holding around the 1.0670 area.