AUD Dollar FX trader
(Action Economics) - 20-Dec-12 05:45 - AUD-USD started the session under 1.0500 and moved through trendline support at 1.0480 as intra-day accounts headed for dollar safety.
Momentum was still a challenge though even after the break and it carried to 1.0465 before buying interest moved in.
AUD may continue this period of sideways-to-lower action, with specs still running excessive long positions and fundamentals still pointing to more RBA cuts.
To recap, RBA's Stevens said intervention was an option yesterday, while Treasurer Swan said businesses were being harmed by high AUD, which has also reduced government tax revenues and it will miss its budget target this year.
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