Australian Dollar rallied over 3% in the back of short covering after the RBA cut rates by 1.0% and the government announced a second stimulus plan to the effect of $42AUD Billion. Looking ahead for December Retail Sales are forecast to rise 1.4% vs. 0.4%. Also released, December Building Permits forecast at 2.5% vs. -12.8%.
Technical outlook:
AUD R1: 0. 6580 S1:0.6400
R2: 0.6590 S2: 0.6390
Chart pattern signals bearish note for the day .Trading range is expected between 0.6420-0.6560 levels Stochastic and momentum are seen flat giving mixed to bearish signals and parabolic supporting the view
R2: 0.6590 S2: 0.6390
Chart pattern signals bearish note for the day .Trading range is expected between 0.6420-0.6560 levels Stochastic and momentum are seen flat giving mixed to bearish signals and parabolic supporting the view
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