forex trading outlook today- AUD/USD trading tips today december 3 2012 : The Australian Dollar is trading heavy against its direct competitors following poorer-than-expected economic data. Australian retail sales fell to 0% in October vs 0.4% expected, Australia Q3 company profits dropped to -2.9% vs. -0.7% prior and -3% expected, while job ads stood at -2.9%.
AUD/USD has bursted through 1.04 round number, last week's low, after a decline from 1.0425 opening price. One interpretation is that break of 1.04 should be anecdotal and follow-though should fail to gather much momentum as bets remain limited ahead of tomorrow's highly uncertain RBA monetary policy decision. Others may think that break of 1.04 ahead of the risk event is a subtle tip about the intentions of the RBA to cut rates tomorrow.
Technically, according to Valeria Bednarik, in-house technical strategist, "price needs now to settle above 1.0430 immediate resistance level, to be able to extend the upside today." On the downside, not easy to pick a concrete area where buyers may re-emerge as traffic congestion is considerable, yet below 1.0390 has been reported as an area of sovereign bids.
FXWW Founder Sean Lee recommends to keep an eye on AUD/JPY for short term AUD/USD directions, saying "we are probably better off keeping an eye on AUD/JPY, as that's where the most positions are being established." He tips modest buying interest near 85.70 with heavier interest 85.40/45, while light sell orders circa 86.20/25.
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