Sideways moves of late in the Euro (EUR), Australian Dollar (AUD) cross have dominated play with the pair camped out around the 0.6495 (1.5400) area for several days. The recent Hawkish tone from the ECB could limit upside moves for the Aussie this week especially if today’s EU economic sentiment report comes in favourable. Australian Employment data releases Thursday the weekly highlight with predictions the unemployment rate to remain at 3.5%. Chinese metal prices continue to rise after China opens up again post covid lockdowns, this may support the Aussie.
Current Level: 0.6486 (1.5417)
Resistance: 0.6520 (1.5670)
Support: 0.6390 (1.5340)
Last Weeks Range: 0.6391-0.6511 (1.5358-1.5647)