AUD weakened on the back of a stronger U.S currency overnight as positive results coming out of the States which pushed the Aussie dollar down below the 92.5 cent mark. RBA Governor speech indicated that the current rate of 7.25% is having the desired effect on reducing consumer demand prompting traders to add to bets there will be no rate hike in the short-medium term.
TECHNICAL OUTLOOK FOR THE DAY
AUD chart pattern indicates the currency to be on uptrend for the day . Currency is expected to trade in the range of 0.9210-0.9340.Good support is seen at 0.9200 levels and key resistance is seen at 0.9350 levels. MACD supports the currency to give a small correction for the day and stochastic is also supporting the view.
AUD chart pattern indicates the currency to be on uptrend for the day . Currency is expected to trade in the range of 0.9210-0.9340.Good support is seen at 0.9200 levels and key resistance is seen at 0.9350 levels. MACD supports the currency to give a small correction for the day and stochastic is also supporting the view.
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