US markets were closed Monday for Memorial Day making for a slow day across currencies. We did get a little upside off the weekly open as risk improved after US debt ceiling negotiations concluded positively between Biden and McCarthy with an agreement of sorts. The US Dollar (USD) slipped as the Australian Dollar (AUD) improved to 0.6550 in thin trading conditions. US Manufacturing data prints Friday along with the ever-important US Non-Farm Payroll and unemployment rate. We expect another decent Non-Farm figure following 13 months of positive numbers. Every publication going back to early 2022 has sent the AUD higher post release. Something to keep in mind. On the chart we don’t see much support for the AUD as it heads into the abyss eying 0.6200.
Current Level: 0.6531
Resistance: 0.6800
Support: 0.6500
Last Weeks Range: 0.6489-0.6667