Australian Dollar opened just above the 0.6500 before falling back steadily as the china stimulus plan failed to materialize and stocks slipped. Fresh US stock market lows helped the pair to break 0.6400 and close on a weak footing. January Trade balance fell to 0.97Bn vs. 1.1Bn forecast. January Building Permits slipped -3.8% vs. 1.4% forecast.
Technical Outlook:
R1: 0. 6480 S1:0.6360
R2: 0.6490 S2: 0.6350
Chart pattern signals bullish movement for the day .Trading range is expected between 0.6370 - 0.6470 levels Stochastic is trending up giving bullish outlook but caution is given by momentum and parabolic which is seen trending down.
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