The RBA had instituted a pause in interest rate rises, but heavy inflationary pressures, will ensure the Central bank returns to a more hawkish approach, to monetary policy. The heavily indebted nature of the Australian economy means this will have an impact on disposable income, spending and the consumer. The rise in the reserve currency, following hawkish statements from the Federal Reserve Chairman Powell, has seen the AUD tumble back to 0.6600.
Current Level: 0.6625
Support: 0.6550
Resistance: 0.6700