Australian Dollar suffered considerable as risk aversion spiked and stocks slumped to multi year lows in the US. Expectations of aggressive easing from the RBA added to the bearish tone. AUD/NZD traded at multi month lows
Tech Outlook:
AUD R1: 0. 7570 S1:0.7390
R2: 0.7590 S2: 0.7380
Chart pattern supports bear note for the day. with the Trading range is expected between 0.7400-0.7560 levels .Both stochastic and momentum are seen trending down giving bearish signals.
Monday, October 6, 2008
Australian Dollar suffered on Expectations of aggressive easing from the RBA -oct 06
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