Australian Dollar surged on AUD/JPY buying early in Asia but reversed direction as Oil and the Euro fell heavily during the rest of the day and JPY support was removed. RBA Governor Stevens spoke earlier in the day and commentated that the falling AUD will not hamper its efforts to combat inflation. Looking ahead for Australia July Retail Sales are expected to rebound to +0.5% from the -1.0% in June. Also released the July NAB Business Confidence Index.
Tech outlook:
AUD R1: 0. 8170 S1:0.7950
R2: 0.8220 S2: 0.7920
Chart pattern supports a bear note for the day. Trading range is expected between 0.7960-0.8120 levels .Relative Strength index and stochastic are seen trending down and currency is also seen trading below the moving average supporting the bear note.
AUD R1: 0. 8170 S1:0.7950
R2: 0.8220 S2: 0.7920
Chart pattern supports a bear note for the day. Trading range is expected between 0.7960-0.8120 levels .Relative Strength index and stochastic are seen trending down and currency is also seen trading below the moving average supporting the bear note.
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