The Australian Dollar (AUD) clocked another fresh low late last week of 0.6685 (1.4960) against the Euro (EUR) as risk conditions weren’t favourable, equity markets were flogged. The shift from 0.6980 (1.4330) levels cannot be ignored- this marks a proper reversal by the Euro over the last 4 weeks. The Euro is still in trouble given Russia’s invasion of Ukraine, ongoing energy woes and massive supply chain issues, but has the currency turned a corner, certainly the technical picture suggests this. This week’s Eurozone manufacturing data prints which is expected to show further deterioration in this sector.
Current Level: 0.6710 (1.4903)
Resistance: 0.6825 (1.5270)
Support: 0.6550 (1.4650)
Last Weeks Range: 0.6681-0.6816 (1.4671-1.4967)