0.6480 came and went as we predicted – the Australian Dollar (AUD) reaching a 12-week high last week trading to 0.6520 against the US Dollar (USD) rising 2.45% as risk markets enjoyed a selloff in the greenback. Not only did risk trading support upside in the Aussie but a mix of better-than-expected economic data including PMI reads, Retail Sales and a hawkish RBA sent the AUD on a massive bull run. Today’s Reserve Bank of Australia (RBA) cash rate announcement is our weekly standout with a hike widely predicted from 4.10% to 4.35%, we expect a push up in the Aussie.
Current Level: 0.6488
Support: 0.6450
Resistance: 0.6520
Last week’s range: 0.6312 – 0.6513