The Euro (EUR) continues to push higher against the Australian Dollar (AUD) reaching 1.5580 (0.6420) early this morning off 1.5400 (0.6495) levels as the currency benefits from a hawkish ECB tone. ECB’s Nagel was on the wires saying the ECB would continue to raise interest rates even at the detriment of growth and economic health. The Eurozone economy is predicted to shrink over the winter months from a combination of higher heating/energy costs and poor global demand and high borrowing costs. An EU economic forecast is due this Friday which will give us a look at the next 2 years of variables. A retest of the long term low at 0.6385 (1.5660) looks likely over the coming days.
Current Level: 0.6413 (1.5593)
Resistance: 0.6515 (1.5700)
Support: 0.6370 (1.5347)
Last Weeks Range: 0.6427-0.6547 (1.5270-1.5558)