Australian Dollar broke above 0.6600, running up to the resistance at 0.6640 before running out of steam. AUD is supported by stronger commodities and is taking full advantage of the recent improvement in investor confidence to build a base at the 0.6300 level.
Technical Outlook
R1: 0. 6650 S1:0.6560
R2: 0.6660 S2: 0.6540
Chart pattern signals a small downward correction for the day .Trading range is expected between 0.6580 - 0.6640 levels .Momentum and stochastic are seen trending down. Currency has tested the upper bollingers and is expected to give a downward correction.
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