Australian Dollar rallied in Europe dragged up with the Euro to test 0.6700 but couldn’t sustain elevated levels as metals led by Oil fell heavily in the US session. On the data front December Business Confidence was -20 vs. -30 previously and Q4 PPI 1.3% vs. 20% previously
Technical Outlook:
AUD R1: 0. 6750 S1:0.6550
R2: 0.6780 S2: 0.6530
Chart pattern signals bullish note for the day .Trading range is expected between 0.6580-0.6740 levels Stochastic and momentum are seen trending up giving bullish signals .Currency is also trading above the moving average but parabolic is giving a caution signal.
AUD R1: 0. 6750 S1:0.6550
R2: 0.6780 S2: 0.6530
Chart pattern signals bullish note for the day .Trading range is expected between 0.6580-0.6740 levels Stochastic and momentum are seen trending up giving bullish signals .Currency is also trading above the moving average but parabolic is giving a caution signal.
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