Risk mood improved Monday extending the Australian Dollar (AUD) through to a 6-week high against the Euro (EUR) to 0.6160 (1.6230) where it sits currently. Recent German factory orders came in poor following the Retail Sales disappointment. The Euro was also sold off post the ECB rate release unusually after Lagarde hiked their interest rate from 3.50% to 3.75%- Lagarde saying they are nearly there but hasn’t ruled out further hikes. Nuda to publish this week on the docket. We expect the cross to pivot around 0.6165 (1.6220) levels over the week.
Current Level: 0.6164 (1.6223)
Resistance: 0.6235 (1.6450)
Support: 0.6080 (1.6040)
Last Weeks Range: 0.6000-0.6131 (1.6310-1.6668)