AUD had a volatile day as news of Australia’s worse than expected trade deficit seen at -$3.29 billion, outstripping expectations of -$2.5 billion, caused the Aussie Dollar to bottom out at 0.9180 before gaining momentum on the back of an increasing investor risk appetite for high yielding assets.AUD is expected to trade in the range of 0.9210-0.9320.With good support seen at 0.9200 and key resistance is seen at 0.9330.Currency is expected to give a upward correction for the day as the Daily Chart pattern shows a double bottom formation in the currency. But the neck level is seen at 0.9270 break of which will help the currency to test the resistance level.
Monday, April 7, 2008
AUD seen very volatile
AUD had a volatile day as news of Australia’s worse than expected trade deficit seen at -$3.29 billion, outstripping expectations of -$2.5 billion, caused the Aussie Dollar to bottom out at 0.9180 before gaining momentum on the back of an increasing investor risk appetite for high yielding assets.AUD is expected to trade in the range of 0.9210-0.9320.With good support seen at 0.9200 and key resistance is seen at 0.9330.Currency is expected to give a upward correction for the day as the Daily Chart pattern shows a double bottom formation in the currency. But the neck level is seen at 0.9270 break of which will help the currency to test the resistance level.
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