September 16, 2011
Despite the release of poor economic data, the Aussie was able to surf higher on the charts and end its 5-day losing streak! After finding solid support at the 1.0200 handle, AUD/USD closed at 1.0320, marking a 53-pip gain for the day.
The Aussie had been one of the major losers over the past week or so, as the markets were beginning to fear that the RBA may have to cut rates later this year. Now, those fears aren’t gone just yet, but in the meantime, risk appetite seems to have picked up. If we see equity markets in the green today, it could be a good day to be an Aussie bull.
"The only cable I watch is the pound baby."