The Australian Dollar (AUD) extended gains off Monday’s open against the Euro (EUR) to 0.6080 (1.6445) before dropping back to 0.6065 (1.6490) into the early Tuesday session. The Euro has been feeling better about a potential peace deal between Ukraine and Russia. This morning moves however have markets repositioning for an RBA cut later today. The central bank should cut 25 points to 4.10%, but this is not a given with overnight speculation the RBA could “hold” a while with mounting stubborn inflation and strong employment growth.
Current Level: 0.6058
Resistance: 0.6100
Support: 0.5965
Last Weeks Range: 0.6012- 0.6100