Easing US recession fears has benefited the Australian Dollar (AUD) over the past few days with the currency in demand of late. Price reached 0.6800 early this morning before settling back around 0.6770. This area is close to key resistance on the chart- the daily high 0.6785 going back to late February. Overall, the cross has put in a nice recovery over the last two weeks from the yearly low at 0.6560. Any bullish momentum through here and the pair will be targeting the huge psychological level of 0.7000- but it has a lot of work to do. US CPI Thursday for April and the y/y number is the key standout on the economic docket hopefully providing some clues as to if the Fed can pause its series of hikes. If inflation cools we may see rises in equity indices and the Aussie.
Current Level: 0.6781
Resistance: 0.6800
Support: 0.6700
Last Weeks Range: 0.6606-0.6755