December 23, 2009
Another down day for the Aussie, as it succumbed to USD buying pressure in yesterday's trading sessions. The AUDUSD pair closed at 0.8762 and is now approaching potential resistance turned support. The question is, will it hold?
The AUD has been hit by falling gold prices, which is now trading at around $1,086 an ounce. With no economic reports coming out to help support the AUD, we could see more of the same slow but steady dollar buying that's been happening the past couple of days. Watch out for news from the US, more specifically the new home sales report, which could buoy USD sentiment once again.
"The only cable I watch is the pound baby."