Australian Dollar initially bounced with the Euro but took the brunt of the Commodity sell off heading back towards the key 0.8000 level. July Retail Sales were mixed as a change in reporting made the number harder to digest and more volatile. The seasonally adjusted figure showed a jump of 1.4% much more than the 0.5% expected but was largely ignored.
Tech Outlook:
AUD R1: 0. 8130 S1:0.7950
R2: 0.8140 S2: 0.7920
Chart pattern supports a bull note for the day. Trading range is expected between 0.7970-0.8120 levels .Relative Strength index and stochastic are seen trending up supporting a slight upward correction.
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