The Australian Dollar (AUD) rose to a 4 November 2021 High yesterday against the US Dollar (USD) continuing its risk rally channel run from 0.6980 in late January to 0.7440. Commodity prices along with Gold, Silver and Crude all backed away from recent highs during overnight trading taking Aussie support with it. The AUD/USD cross trading back at 0.7315 early this morning. Friday’s Non-Farm Payroll release came in better than expected at 678k vs 407k predicted the biggest monthly gain since July 2021, assisting to push the pair higher. Unemployment also published lower at 3.8% in February compared to 4.0% in January. This result has boosted chances of a Fed move sooner than later with interest rates hike action. Geopolitical woes in the Russian/Ukraine war are creating extremely large moves in currencies and will continue to do so. Markets await results from third round negotiation talks and Russian energy sanctions. Support in the cross is at 0.7280.
Current Level: 0.7328
Last Weeks Range: 0.7163-0.7379