AUD/USD is at the highs of the day after tripping some light buy stops above 1.0260. More offers in the 1.0270/80 range with stops above 1.0300.

A warned about a potential reversal on the daily chart yesterday and it appears to be unfolding.

AUDUSD daily March 5, 2013

I have been bearish on AUD/USD but the hammer/morning star pattern is saying to be long. When the market changes — change with it.

Australian GDP will be released later today and it’s safe to say that the RBA knew what was in it when they decided to leave rates on hold. That probably means it will at least meet the +0.6% q/q consensus.