The Euro (EUR) climbed off the weekly open reaching 1.4820 (0.6750) against the Australian Dollar (AUD) after strong stock gains were made but soon lost ground falling back to 1.4690 (0.6810) early today. European equity markets rose after natural gas prices fell around 8% after Ukraine recaptured a large chunk of territory. Lagarde says she will provide liquidity to banks not energy companies in the wake of soaring prices, here we go again printing cash. This week’s Aussie employment figures is our focus with the country predicted to hold its record low unemployment at 3.4% and the number of people looking for work decreases. Topside moves made recently by the Euro we consider “short term” with the currency still under enormous pressures.
Current Level: 0.6786 (1.4736)
Resistance: 0.6865 (1.5100)
Support: 0.6620 (1.4570)
Last Weeks Range: 0.6720-0.6865 (1.4565-1.4881)