The long-term bear trend resumed last week in the Australian Dollar (AUD), Euro (EUR) cross with price reaching 0.6060 (1.6500) a 3-week low. Risk sentiment improved Monday after US Debt Ceiling negotiations came to an agreement pushing the Aussie to 0.6120 (1.6370) On the docket this week we have Australian CPI y/y Wednesday, expected to print around 6.4% for the month of April, up from March’s 6.3% a spike in the figure may give the AUD upside bias.
Current Level: 0.6099 (1.6396)
Resistance: 0.6175 (1.6800)
Support: 0.5950 (1.6190)
Last Weeks Range: 0.6055-0.6164 (1.6222-1.6515)