The Australian Dollar (AUD) broke into new ground Monday extending its incredible bull run against a war broken Euro (EUR) reaching 0.6880 (1.4530) Monday clocking the highest level since July 2017. IFO German Business climate released poor Friday adding to the Eurozone economic weakness missing expectations resulting in significant downside pressures. The Euro should be doing better than it has been with the reinforcement of a new hiking cycle towards the end of the year while decent economic pace and elevated inflation should be also helping. On the economic docket we have ECB president Lagarde speaking tomorrow. We expect a little AUD downside over the coming days as negotiations in Turkey take place and the EUR improves.
Current Level: 0.6816 (1.4671)
Resistance: 0.6890 (1.5350)
Support: 0.6515 (1.4520)
Last Weeks Range: 0.6671-0.6846 (1.4606-1.4989)