The Australian Dollar (AUD) edged higher to reach 0.6585 against the US Dollar (USD) in early week moves but came up against resistance dropping to 0.6520 midweek. Chinese markets and softer, precious metal prices both contributed to sentiment. Generally, the cross has been a little aimless amid US Thanksgiving holiday interruptions. On the chart we see price meet the 50% fib level of 0.6590 and rebound lower signalling this level could hold a while longer. Aussie y/y CPI prints Wednesday with markets predicting a small drop from 5.6%.
The current interbank midrate is: AUDUSD 0.6555
The interbank range this week has been: AUDUSD 0.5988- 0.6086