Australian Dollar tested 0.700 before rebounding overnight as AUD/JPY buyers emerged from the month lows yesterday. Volatile market moods are making it hard to pick direction of the risk based currency. Looking ahead, RBNZ rate call forecast at 2.5% vs. 3%.
Technical Outlook:
R1: 0. 7190 S1:0.6980
R2: 0.7200 S2: 0.6970
Chart pattern signals slight upward correction for the day .Trading range is expected between 0.7000 - 0.7180 levels .Momentum and stochastic are seen trending up Currency is trading on the moving average level but caution required as parabolic is supporting the bear note and currency is trying to form a shoulder so long term bear note remains intact.
R2: 0.7200 S2: 0.6970
Chart pattern signals slight upward correction for the day .Trading range is expected between 0.7000 - 0.7180 levels .Momentum and stochastic are seen trending up Currency is trading on the moving average level but caution required as parabolic is supporting the bear note and currency is trying to form a shoulder so long term bear note remains intact.
No comments:
Post a Comment