Investor flows have seen the Australian Dollar (AUD) recover last week’s losses against the Euro (EUR) with price rebounding to 0.6925 (1.4440) this morning from the open at 0.6850 (1.4600). Economic data out of the eurozone of late continues to inflict pain on the EUR with the energy situation and souring inflation a major concern for the European central bank who has been slow to react. German and French Manufacturing won’t be pretty when they release tonight and could spike the AUD. A retest of the April 2017 high at 0.6960 (1.4370) looks imminent. It’s a quiet week of Australian data, we expect the Aussie to outperform this week.
Current Level: 0.6922 (1.4446)
Resistance: 0.6955 (1.4700)
Support: 0.6800 (1.4379)
Last Weeks Range: 0.6796-0.6955 (1.4377-1.4714)