AUD paired its recent gains against the dollar as U.S strength and weak commodity prices led to the decline. The Aussie has dropped 2% since reaching a 24-year high of 0.9541 in Wednesday’s trading. A contributing factor to this is the mounting speculation the RBA is unlikely to hike rates given the recent growing CPI figures for Australia. The Australian and New Zealand market is closed on Friday as it is the Anzac Day public holiday.
TECH VIEW
AUD chart pattern indicates the currency to be on bear note for the day. Trading range for Aussie is expected to lie between 0.9330-0.9440.With good support seen at 0.9320 and resistance at 0.9450 levels . Momentum indicates the currency to give a downward correction for the day and stochastic supports the view.
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