The Australian Dollar (AUD) has reversed some of the gains made last week falling back against the Euro (EUR) to 0.6150 (1.6260) from 0.6195 (1.6150) in the aftermath of the European election results. We aren’t expecting any surprises in today’s RBA cash rate announcement with the central bank expected to keep the rate at 4.35%. Governor Bullock’s statement should give us further clues as to whether the RBA keep their policy rhetoric around inflation risks or change the ballgame.
Current Level: 0.6162
Resistance: 0.6190
Support: 0.6100
Last Weeks Range: 0.6103- 0.6192