The Australian Dollar (AUD) fell back Monday to 0.6640 giving back a chunk of last week’s gains as market risk sentiment was shaken by China covid lockdown protests. With a slew of US data publishing late this week ending with (NFP) Non-Farm Payroll it’s shaping into a volatile week of action. Aussie Retail Sales came in at -0.2% from 0.5% predicted adding to the downside pressures. Meanwhile RBA’s Lowe commented saying the Australian economy has a better chance over most developed countries of a softer landing post-recession citing better wage growth. We still see upside momentum continuing for the Aussie over the week.
Current Level: 0.6652
Resistance: 0.6900
Support: 0.6580
Last Weeks Range: 0.6583-0.6779