The Australian Dollar (AUD) pushed higher off Monday’s open to reach 0.6390 against the US Dollar (USD) as risk sentiment improves. US Equity markets are back in black along with better news out of China. Chinese authorities releasing a 30-point action plan to boost incomes by providing a more stable stock market and reviving consumer consumption. We are expecting no change from 4.5% Thursday from the Fed when they meet with expectations of ‘holds” in March and May and possible cuts from June. Later in the week is Australian unemployment with predictions this will remain unchanged at 4.1%. Resistance on the chart sits at 0.6400, a break above this could signal further upside.
Current Level: 0.6382
Resistance: 0.6400
Support: 0.6310
Last Weeks Range: 0.6257- 0.6332