Australian Dollar took the full brunt of the USD strength last night. Weakening Global Growth outlook and softening commodities combined with risk aversion to send the Aussie to new year lows below .7800. AUD/JPY also suffered considerable.
Tech Outlook:
AUD R1: 0. 7850 S1:0.7680
R2: 0.7860 S2: 0.7670
Chart pattern supports bear note for the day. with the Trading range is expected between 0.7690-0.7830 levels .Both stochastic and momentum are seen trending down giving bearish signals .Parabolic is also supporting the bear note.
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