The Australian Dollar (AUD) recovered off 0.5120 (1.9520) late in the week to claw back gains to 0.5190 (1.9260) this morning against the British Pound (GBP). Momentum to the downside has been broken with price travelling through the 0.5180 (1.9300) channel resistance area on its way to posting a fortnight high. RBA minutes releases today from their first meeting of 2024, the central bank will no doubt reiterate their concerns of high inflation and their call to hike if needed. Wednesday’s wage price index should confirm upside risks to wage growth and further work required from the RBA. We expect the Aussie to do well over the week.
Current Level: 0.5184
Support: 0.5125
Resistance: 0.5210
Last week’s range: 0.5120- 0.5195