A good start to the week for the Australian Dollar (AUD) saw price rise to 0.6330 against the US Dollar (USD) in a short run but this was quickly replaced by a “risk off” tone, the pair dropping to 0.6260 in early morning. Uncertainty around Trumps tariff plans is starting to worry markets, US equity indices slide over 2% with the Nasdaq down over 3.6% in overnight trading taking the AUD with it. Chinese trade data and Australian household data has also been discouraging, we think headwinds for Aussie may remain for a while.
Current Level: 0.6275
Resistance: 0.6900
Support: 0.6130
Last Weeks Range: 0.6186- 0.6364