Australian Dollar surged higher tracking both the stocks and Oil, breaking above 0.7000 and testing month highs above 0.7100. Investors flocked back to the beaten down commodity currency although most analysts see upside potential as limited.
Technical Outlook:
R1: 0. 7180 S1:0.7030
R2: 0.7190 S2: 0.7010
Chart pattern signals bear note for the day .Trading range is expected between 0.7050-0.7160 levels .Stochastic and momentum are seen trending down confirming the bear note.
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