End of last week’s trading saw a large correction lower in the Australian Dollar (AUD), US Dollar (USD) cross, with price tracking from around 0.7000 to 0.6840 into Monday. Chinese data and an outperforming greenback had Aussie bids struggling. Fed’s Powell came in hot speaking at the Jackson Hole event saying he will continue to raise interest rates to combat rising inflation, his comments disappointing markets after many had thought inflation had peaked… not so. Equity markets closed flat this morning after several days of losses- the Aussie has bounced back to around 0.6900 as I write. Looking ahead we have Non-Farm Payroll to consider Friday. Downside risks remain this week.
Current Level: 0.6901
Resistance: 0.7100
Support: 0.6840
Last Weeks Range: 0.6855-0.7007