FX News

AUD/USD Conversion:

Early Monday poor Chinese data took the Australian Dollar (AUD) lower from the weekly open at 0.7120 to 0.7010 this morning as markets reverted to “risk off”. The AUD has had a good run to new highs of late based on Fed speak, lower CPI read and renewed optimism in stocks. The aggressive selloff in the US Dollar (USD) as the Fed re-price rate hike expectations has impacted mostly with the Fed to start easing up on policy. The risk on moves may be short lived, buyers of the greenback should consider while still able to buy above the 0.7000 mark. This week’s Aussie job’s numbers presents key data with unemployment expected to post around the current 3.5%. Watch out for US Retail Sales as well Thursday, a fundamental measure of economic performance, anything less than 0.1% could weaken the pair.

Current Level: 0.7018
Resistance: 0.7140
Support: 0.6850
Last Weeks Range: 0.6898-0.7135

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