Australian Dollar fell after weaker than expected Q2 GDP at 0.3% the Aussie experienced new year lows after experiencing substantial downside pressure. A broad based recovery was able to be initiated as Gold crept higher and Oil bounced off lows. Australian trade Balance fell to -717 Million vs. +108 Million expected.
Technical outlook:
AUD R1: 0. 8380 S1:0.8270
R2: 0.8400 S2: 0.8250
Chart pattern supports a bear note for the day. Trading range is expected between 0.8260-0.8370 levels .Relative Strength index is seen trending down and currency is also seen trading below the moving average.
AUD R1: 0. 8380 S1:0.8270
R2: 0.8400 S2: 0.8250
Chart pattern supports a bear note for the day. Trading range is expected between 0.8260-0.8370 levels .Relative Strength index is seen trending down and currency is also seen trading below the moving average.
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