Australian Dollar was unable to sustain an early European rally and broke to 6 month lows as gold fell heavily. AUD is leading the charge down against the USD and without a recovery in the commodity complex is struggling to find support. The RBA monetary statement tempered speculation of a 50bps cut in September with more neutral than expected commentary.
Tech Outlook:
AUD remains in bear note for the day. Trading range is expected between 0.8730 -0.8860 levels. currency lends its support at 0.8725 levels and holds resistance at 0.8865 levels. stochastic remains in bear note for the day. chart pattern shows no immediate upward correction and hints for further slides of the currency .
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