Australian Dollar Held at noted support around 0.6350 with the pair finding strength in the large increase in gold and heavy AUD/JPY buying that emerged in the US session. Q4 retail sales were worse than expected at 0.8% vs. 1.0%. Australian currency rose as Asian equities gained and President Obama pledged $275 billion to help stem home foreclosures.
Technical Outlook:
R1: 0. 6560 S1:0.6250
R2: 0.6580 S2: 0.6240
Chart pattern signals bearish movement for the day .Trading range is expected between 0.6260 - 0.6540 levels Stochastic is trending down supported by momentum and moving averages are giving bearish crossovers .Aussie charts shows the formation of double top clearly indicating a bear note.
Wednesday, February 18, 2009
Aussie rose on the back of gold -Feb 19.
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