AUD had a historic day as it broke through the US95c mark for the first time in 24 years as a strong CPI figure of 1.3% m/m and 4.2% y/y for Q1 fuelled the surge. However, this rise lost steam as the USD gained on the back of weak Euro economic data, which saw the Aussie fall back below US95c.No data is to be released out of Australia leading into the Anzac Day public holiday on friday whereby the local markets will be closed.
tech view
AUD chart pattern indicates the currency to be on bear note for the day. currency has its support at 0.9420 levels and holds resistance at 0.9510 levels. the trading range is expected between 0.9430-0.9500 levels. Momentum supports the currency to give a downward correction and stochastic supports the view.
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