The Australian Dollar (AUD) recovered Monday off 0.6350 to reach 0.6390 post the US equity sell off Friday against the US Dollar (USD) but was unable to hold this level into Tuesday dropping back to 0.6350. Aussie CPI is our key data release this week in the cross, released tomorrow, and is predicted to bump higher from 2.5% to 2.6% y/y (January). We are expecting a corrective move lower this week in the pair with the view of a retest at the 0.6300 level.
Current Level: 0.6344
Resistance: 0.6450
Support: 0.6300
Last Weeks Range: 0.6326- 0.6408