FX News

AUD/USD Transfer

The Australian Dollar (AUD), US Dollar (USD) extended moves higher Monday off Fridays Non-Farm Payroll data reaching 0.6640. The green back has lost some of its recent appeal, certainly the Federal Reserve are considering rate cuts sooner rather than later now post jobs data. The number of people employed seasonally adjusted in March dropped with just 175,000 new jobs created instead of the 238,000 predicted. Unemployment also ticked up from 3.8% to 3.9% confirming the labour market is cooling. The pair is sitting just below the triple top resistance level at 0.6645 suggesting a pullback could eventuate depending on the RBA this afternoon. The RBA cash rate should remain unchanged at 4.35% but this is not a dead cert with many suggesting a hike is in store. We think with inflationary pressures still hot they should hold for the 4th straight meeting.

Current Level: 0.6622
Support: 0.6565
Resistance: 0.6650
Last week’s range: 0.6464- 0.6647

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