The Australian Dollar (AUD) looks steady heading into the week against the US Dollar (USD) trading around the 0.6420 zone slightly down off the open. The cross trading well within its 7-week range. With long term support at 0.6350 for the Aussie and downside bias still in the air we expect the pair to retest this area over the week. A daily close below 0.6400 could signal further declines. To the topside 0.6510 looks distant.
Current Level: 0.6423
Last week’s range: 0.6384 – 0.6510