EUR-AUD prediction may 1 2012

forex trading outlook today - EUR-AUD prediction may 1 2012 : EUR/AUD is currently around the 1.2700 round handle, higher by +0.36% since previous weekly close last Friday, and finding resistance for today at highs 1.2720. The cross awaits today's RBA cash rate decision at 04:30 GMT when most market participants expect at least a 25bps rate cut down to 4%, if not 50bps.

Also during the Asian session, with China closed by holiday, will come risk event of the day in the form of Chinese manufacturing PMI at 01:00 GMT. Then later in the week will come ECB minimum bid rate by Thursday, which is expected to remain unchanged at 1%.

According to the FXMarketAlerts Team: “Upside see resistance at 1.2733 and 1.2765 and lower high sought to further pressure the 1.2648 low. Break expose further decline to 1.2632 then 1.2600 level and 1.2565 low. Above 1.2765 needed to swing focus back to 1.2800 then 1.2835 high,” the team says.

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