Like all US Dollar (USD) crosses the Australian Dollar (AUD) has been hit hard again diving to 0.6420 this morning clocking a fresh May 2020 low. Equity markets continue to decline amid a hawkish Fed backdrop with Fed members still supporting the theory they need to keep policy tight. US Consumer confidence for September printed above expectations at 108.0 for the second consecutive month supported by jobs, wages and falling gas prices. Pump gas now back down at its yearly low around 3.75 per gallon or 1.00 per litre. On the chart we have thin air through to 0.5800, as the Fed continues to raise rates, we could see more downside materialise.
Current Level: 0.6431
Resistance: 0.6670
Support: 0.6250
Last Weeks Range: 0.6513-0.6745