Australian Dollar recovered from lows as Oil and other Commodities strengthened and USD was sold. US data took the bid tone off the Aussie sending the pair back to the .85 handle. AUD/JPY bounced as equities recovered. Looking ahead for Q2 CAPEX forecast to recover to 2.0% Q/Q after falling -2.5% Q1.
Technical Outlook:
AUD R1: 0. 8750 S1:0.8600
R2: 0.8780 S2: 0.8580
Chart pattern signals that Aud has picked up Momentum for a bull rally. Trading range is expected between 0.8620-0.8730 levels . Daily stochastic is supporting a bull run and Currency is also seen trading above the moving average.
AUD R1: 0. 8750 S1:0.8600
R2: 0.8780 S2: 0.8580
Chart pattern signals that Aud has picked up Momentum for a bull rally. Trading range is expected between 0.8620-0.8730 levels . Daily stochastic is supporting a bull run and Currency is also seen trading above the moving average.
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