The AUD has been faring badly against the USD, battered by the ‘hawkish’ approach to monetary policy by the Fed and the mixed messages emanating from the RBA Governor. Australian inflation has been falling steadily and the latest reading of 3.4% was steady, despite projections of a spike back upwards. The RBA Governor have been all over the shop in recent times, but it will be the grim determination of a ‘hawkish’ Federal Reserve that controls the AUD.
Current Level: 0.6616
Support: 0.6515
Resistance: 0.6650
Last week’s range: 0.6535- 0.6610