The Euro (EUR) extended its domination over the Australian Dollar (AUD) at Monday’s open pushing the cross to 0.6490 (1.5415) into Tuesday as risk sentiment stumbled. The Euro however still generally speaking is under pressure with a combination of weaker Eurozone data and a dovish ECB. German industrial orders and Eurozone Retail Sales were also below expectations. Clearly the AUD remains a currency under fire despite the recent RBA hawkish policy stance and their plan to peg back rate rises. At Least while the war on Ukraine continues, we may see more of the same moves. This morning the cross pushed aside support at 0.6535 (1.5300) to reach 0.6500 (1.5400) signalling we could see further moves towards 0.6175 (1.6200) support.
Current Level: 0.6475 (1.5444)
Resistance: 0.6580 (1.6200)
Support: 0.6170 (1.5200)
Last Weeks Range: 0.6486-0.6648 (1.5049-1.5416)