The Australian Dollar (AUD) has pushed off the early week low of 0.6700 against the US Dollar (USD) to 0.6725 this morning, consolidating around these levels after sliding from 0.6940 over the last fortnight. Its tough to know if we will see further declines amid this bear trend or see the Aussie recover losses. Improved sentiment out of China will be certainly helping as well as a pickup in US equities and recovering commodity prices. Fed’s Waller commented saying recent US inflation was disappointed with the Fed now needing to make critical decisions on the pace of cuts while maintaining caution. Waller said the economy is still on a solid footing and may not be slowing as much as they hope. Aussie unemployment prints Thursday is expected to come in at no change from 4.2%.
Current Level: 0.6726
Resistance: 0.6800
Support: 0.6700
Last Weeks Range: 0.6698- 0.6809