The Australian Dollar was extremely volatile bearing the brunt of the carry trade unwind with a 500 pip trading range on the AUD/JPY setting the stage. Stable stocks and an AUD/USD rebound into the US session close helped reverse sentiment. Aussie rose after the U.S. government seized control of Fannie Mae and Freddie Mac, restoring confidence among investors to buy higher-yielding assets.
Tech Outlook:
AUD R1: 0. 8400 S1:0.8230
R2: 0.8420 S2: 0.8220
Chart pattern supports a bull note for the day. Trading range is expected between 0.8240-0.8380 levels .Relative Strength index and stochastic are seen trending up and currency is also seen trading above the moving average supporting the bull note.
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