Wild shifts in currencies has seen the Australian Dollar (AUD), Euro (EUR) pair come off a weekly open of 0.6745 (1.4830) and travel to 0.6870 (1.4550) late yesterday. This marks a July 2017 high in the cross. Rallying commodity prices and solid local data supported the Aussie although risk sentiment in the market has been extremely negative. The Euro is under more pressure as the Russia-Ukraine crisis compromises growth forecasts in the Eurozone as the ECB is forced to hold fire on potential rate hikes although record inflation continues to rise. Rising gas prices look very much like we could see an energy shock recession. A reversal rally overnight took the cross back through the weekly open to 0.6715 (1.4890). The pair remains sensitive to isolated shifts in risk tone.
Current Level: 0.6750 (1.4814)
Resistance: 0.6860 (1.5350)
Support: 0.6515 (1.4570)
Last Weeks Range: 0.6417-0.6753 (1.4807-1.5583)