Australian Dollar kept to a fairly tight range as conflicting forces pushed and pulled, USD strength and gold weakness weighed early on the Aussie which recovered to highs on ECB comments and the commodities rally. In economic news Aprils Trade Balance came in stronger than expected at -.95B.
Tech View:
AUD chart pattern gives cues for the bull note . Trading range is expected between 0.9560-0.9630.With good support is seen at 0.9540 levels and key resistance at 0.9650 levels. Currency is seen trading well above the moving averages but a element of caution is given by momentum and stochastic which are trending down.
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