It’s a sea of green in the Australian Dollar (AUD), US Dollar (USD) cross with prices recovering off early August levels around 0.6360 to post 0.6730 this morning. The greenback has underperformed amid expectations of a dovish Federal Reserve regarding upcoming policy changes. This week’s Jackson Hole Symposium starting Thursday when Fed chair Powell speaks should give us more clues on his thinking towards easing policy. A hawkish RBA is also helping to boost the AUD with no signs of the central bank dropping interest rates any time soon. RBA minutes from the 6th of August “hold” is Thursday. Technical levels suggest the Aussie may struggle to break 0.6800 a touch under the 2024 high.
Current Level: 0.6727
Resistance: 0.6800
Support: 0.6700
Last Weeks Range: 0.6560- 0.6670