Australian Dollar rallied on the back of huge gains in Commodities. AUD/JPY remained buoyant even as equities slumped in testimony to AUD strength. With the AUD falling more than most currencies in the recent USD rally, the potential upside is greater than most given the grossly bearish USD outlook.
Tech Outlook:
AUD R1: 0. 8500 S1:0.8340
R2: 0.8510 S2: 0.8330
Chart pattern supports mixed note for the day. Trading range is expected between 0.8350-0.8490 levels .Momentum and stochastic has given a turn and small downside correction is expected .But currency is still trading above the moving averages.
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