As we predicted the Australian Dollar (AUD) rallied through to 0.5295 (1.8890) levels late last week against the British Pound (GBP) before giving back gains to 0.5265 (1.9000) into morning trading. The Pound has been well bid off the back of surprisingly good UK data with Industrial Production coming in better than expected with output rising 0.2% in March of 0.1% in February and a fall of 0.5% in January. UK Claimant numbers print tonight and should show around 14,000 people filed for unemployment in April, up from March’s 10,900- this number trending upwards over the past few months. Unemployment also prints in Australia later in the week which should tick up to 3.9%-4.0%
Current Level: 0.5257
Support: 0.5235
Resistance: 0.5290
Last week’s range: 0.5253- 0.5291