The Australian Dollar (AUD) has started to unwind the strange losses of last week, Monday with price coming off the open’s 1.0795 (0.9265) to 1.0845 (0.9220) this morning. The kind of support we expected last week post the RBA rally. Iron Ore and other precious metal prices are up considerably over the past day or so helping to get the AUD back on track. This week’s Australian employment data Thursday is the main event on the docket with predictions unemployment could rise to 3.7%, something the RBA will be hoping for if the slowing of job ads is anything to go on. Upside in the kiwi could be limited to 0.9150 (1.0930) this week.
Current Level: 1.0840
Resistance: 1.0940
Support: 1.0626
Last Weeks Range: 1.0778 – 1.00895