AUD saw the RBA hold rates as expected at 7.25% although accompanying statements signaled that current monetary policy remains adequate for the time being on expectations that domestic demand will slow. The Aussie Dollar was later boosted by surging commodity and energy prices.
TECH OUTLOOK:
AUD is expected to trade in the range of 0.9420-0.9525.With good support is seen at 0.9400 and good resistance is seen at 0.9530.Stochastic and Relative Market strength index is giving indication for the currency to give a downward correction for the day. But an element of caution is required as the moving averages are giving bullish crossover.
AUD is expected to trade in the range of 0.9420-0.9525.With good support is seen at 0.9400 and good resistance is seen at 0.9530.Stochastic and Relative Market strength index is giving indication for the currency to give a downward correction for the day. But an element of caution is required as the moving averages are giving bullish crossover.
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