The Australian Dollar (AUD) 3-week bull run against the US Dollar (USD) took a breather Monday dropping back to 0.6840 from the recent high at 0.6898 as risk sentiment and US equity markets softened. US Holiday Monday meant markets were thinned out, however we did get some rhetoric from the Fed suggesting they are still hawkish taking up the need for more hikes to come. The next meet-July 27th should represent further tightening. Setbacks towards support at 0.6800 should be well supported for the meantime. With odds better than 50/50 of a hike at the RBA”s next meeting July 4th we see upside on the radar.
Current Level: 0.6851
Last Weeks Range: 0.6727-0.6899