Australian Dollar had a very volatile trading session with Q4 GDP shocking the market by falling -0.5% vs. 0.2% positive. The market tested support at .6290 before rebounding strongly on the ‘china trade’ story which positively affects the AUD. Looking ahead for January Building Permits forecast at 1.65 and Trade Balance forecast a 1.2Bn.
Technical Outlook:
R1: 0. 6520 S1:0.6330
R2: 0.6550 S2: 0.6310
Chart pattern signals bearish movement for the day .Trading range is expected between 0.6350 - 0.6500 levels Stochastic is trending down supported by momentum and parabolic but currency is seen trading above the moving averages giving a caution signal
R2: 0.6550 S2: 0.6310
Chart pattern signals bearish movement for the day .Trading range is expected between 0.6350 - 0.6500 levels Stochastic is trending down supported by momentum and parabolic but currency is seen trading above the moving averages giving a caution signal
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