- The Australian dollar attempted a minor recovery from an 11-year low after Australia’s central bank injected an unusually large $5.5 billion into the financial system.
- The Aussie was trading 0.9 percent up at 0.6293, having hit a low of 0.6211 on Thursday, it’s lowest since March 2009.
- Technical indicators are turning bullish on hourly charts: RSI point north, Stochs are biased higher and MACD supports upside.
- Immediate resistance is located at 0.6350, a break above could take it near 0.6392 (38.2% retracement of 0.6684 and 0.6211).
- On the downside, support is seen at 0.6200, a break below could drag it till 0.6172.
Recommendation: Good to buy on dips around 0.6240, with stop loss of 0.6210, and target price of 0.6350.
