The AUD/USD remains a "strict sell-on-rallies prospect," with talk of further rate cuts by the RBA weighing on the currency, says David Scutt, currency trader at Arab Bank in a note. The pair is at 1.0438 early in Asia versus 1.0468 late Thursday in Australia. However, while the AUD is likely to remain under pressure in the early part of Asian trading, "it wouldn't surprise to see a late short squeeze before the Chinese data tomorrow," Scutt says. Support is at 1.0425 and 1.0400, with resistance at 1.0480, he says.
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