The Australian Dollar (AUD) dropped through prior support at 0.6460 this morning against the USD Dollar (USD) extending last week’s slump from 0.6615 to reach 0.6450. This can go one of two ways… the AUD/USD could post a daily close below 0.6450 signalling further declines or we could see a recovery from the AUD of sorts and a bounce back to retest the 0.6550 area. RBA minutes later today should give us clues along with FOMC minutes later in the week. Also, of note Aussie wage price data Thursday should reflect a softening in employment.
Current Level: 0.6485
Resistance: 0.6890
Support: 0.6450
Last Weeks Range: 0.6486 – 0.6616