Australian Dollar continued its recent plunge this time as the USD strengthened, breaking through .9000 for the first time since March and confirming the biggest 3 week fall since 1980. Aussie fell after the central bank indicated that official interest rates could be lowered in the months to come as the economy slows. Looking ahead, RBA Monetary Policy statement.
Tech Outlook:
AUD is seen on a downtrend and is expected to trade in the range of 0.8770-0.8962 levels. With good support seen at 0.8750 levels and key resistance is seen at 0.8980 levels. Stochastic says Aussie is seen trading in a oversold territory but doesn't give any confirmation of uptrend. Currency has breached the lower Band level.
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