The Australian Dollar (AUD) has extended higher Monday reaching 0.6940 against the US Dollar (USD), a new 2024 high. The 4th week straight the AUD has outperformed the greenback. This week’s US non-farm payroll numbers Friday holds the key to ongoing fed policy reviews with predictions the release could be much worse than markets are expecting. This would give way too much “deeper” rate cuts with labour markets showing weakness. At the moment we have priced in 75 points of cuts at the November 8 meeting. With the RBA not expected to cut until early in 2025 we should see the cross retest the magical 0.7000 mark as early as this week.
Current Level: 0.6917
Resistance: 0.7000
Support: 0.6800
Last Weeks Range: 0.6794- 0.6936