The Australian Dollar (AUD) has well and truly shifted off its bull trend against the US Dollar (USD) over the past few days coming off the high at 0.6795 to 0.6630 this morning. Risk flow’s have clearly been affected from President Biden dropping out of the presidential race with the flight to safety intensifying. Also, of note is struggling Chinese markets and a downturn in precious metals. The data front this week is thin with only advance US GDP q/q on the docket and predictions of a rise to 2.0% from May’s 1.4%. We expect a retest of the low at 0.6570 over the coming days as the AUD is sold.
Current Level: 0.6638
Resistance: 0.6800
Support: 0.6570
Last Weeks Range: 0.6679- 0.6787