With signs pointing toward an improving AUD this year--on the back of an improved Chinese outlook that would drive renewed flows into Asia--BNP Paribas sees an AUD/USD rally heading toward its yearly highs. Meanwhile, USD should weaken with an increased likelihood that the U.S. fiscal cliff will be resolved in upcoming weeks, as we see a resolution on Greece's funding needs. BNP advises to enter a long AUD/USD position at 1.0390 targeting a topside move to 1.0850 and a stop-loss set at 1.0150. AUD/USD at 1.0391, up 0.24%, according to CQG.
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