Australian Dollar an initial bounce throughout the Asian and European session was unable to be maintained as Gold and Oil fell considerable and the USD strengthened during the US session. Home prices fell -0.3% . Looking ahead for RBA meet to discuss interest rates, widely believed to hold at 7.25% but with a risk of cut or dovish statement given recent economic data.
Tech View:
AUD is expected to be on a bearish note for the day. With the trading range expected between 0.9150-0.9310.With good support seen at 0.9120 levels and resistance is seen at 0.9325.Currency is seen trading below the moving averages giving bearish outlook but caution is required as stochastic is seen in oversold levels .
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