Australian Dollar weighed down after much weaker then expected April Retail sales at -0.2% but performed well in the US session as commodities rebounded. Looking Ahead for RBA Interest Rate statement along with April Building Approvals.
Tech view:
AUD is expected to be on downside for the day. the support is seen at 0.9520 levels and resistance is seen at 0.9598 levels. the trading range is expected between 0.9530-0.9590 levels. MACD gives the clues for the currency to be on downside for the day. stochastic remains silent on the issue waiting for further confirmations. yet the chart pattern indicates the bear note for the day.
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