The Australian Dollar improved Monday coming off 0.6630 levels against the US Dollar (USD) reaching 0.6720 into Friday as risk flows corrected. Last week the Fed raised its cash rate to 5.0% from 4.75% as predicted but notably confirmed they would keep their tightening policy in place for at least one more hike. Although y/y CPI came off 6.4% to 6.0% recently, the Fed still feels the need to keep with the current pace. Despite weaker Aussie Retail Sales and CPI- 6.8% vs 7.2% y/y printing the RBA should still look to hike at their next meeting. The AUD many struggle to push past 0.6800 on the upside over the coming days.
Current Level: 0.6759
Resistance: 0.6860
Support: 0.6570
Last Weeks Range: 0.6632-0.6737