The Australian Dollar (AUD) has reversed off last week’s fresh yearly high at 0.6250 (1.6000) to fall back to 0.6205 (1.6120) into Tuesday trading. While German inflation cooled from 2.4% expected to 2.2% y/y in June, German unemployment ticked up. French bonds have posted year highs as French President Macron has sunk further behind in the French election polls. However, The Euro has found support but faces an uphill battle as the French election draws closer with uncertainty looming. The far right Rassemblement National party have 33.2% of the vote in the first round of snap elections the first time ever they have gone over 20%. A break past 0.6190 (1.6160) should signal further downside for the Aussie.
Current Level: 0.6194
Resistance: 0.6240
Support: 0.6170
Last Weeks Range: 0.6188- 0.6251