Australian Dollar was weak as Asian stocks continued to fall and the key 0.6350 level gave way. Noted support under 0.6300 propped the pair for the rest of the day going into the RBA announcement Tuesday. Looking ahead, January Retail Sales forecast at -0.6% vs. 3.8% previously. Also released, RBA Interest Rate Decision with the market mixed some looking for a pause holding at 3.25% whilst others hoping for 0.5% cut in anticipation negative GDP numbers .
Technical Outlook:
R1: 0. 6470 S1:0.6270
R2: 0.6480 S2: 0.6250
Chart pattern signals bullish movement for the day .Trading range is expected between 0.6280 - 0.6460 levels Stochastic is trending up supported by momentum.Currency is seen trading on the moving averages waiting for confirmation
R2: 0.6480 S2: 0.6250
Chart pattern signals bullish movement for the day .Trading range is expected between 0.6280 - 0.6460 levels Stochastic is trending up supported by momentum.Currency is seen trading on the moving averages waiting for confirmation
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