Australian Dollar came under pressure in Asia as rumors of large sell orders and weak stocks combined to push the pair towards supports at 0.7150. The rebound came with the change in sentiment New York and the rally seen in Copper prices and AUD/JPY. The run up to 0.7300 has been quite fast so pullbacks are healthy for the resurgent Aussie.
Technical Outlook:
AUD R1: 0. 7330 S1:0.7160 R2: 0.7340 S2: 0.7140
Chart pattern signals bear note for the day .Trading range is expected between 0.7170 - 0.7320 levels .Momentum and stochastic are seen trending down Currency is trading below the moving average level giving bearish outlook..
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