The Australian Dollar (AUD) broke below 0.6020 (1.6620) late last week on its way to clocking a fresh 4 week low of 0.5990 (1.6700) against the Euro (EUR). Monday’s action has seen a pull back towards 0.6015 (1.6630), the test will be if the Aussie can hold above the key level at 0.6000 (1.6660). This week on the calendar we have Australian employment data Thursday expected to print unchanged at 3.7%. Geopolitical tensions in Gaza are Euro supportive. An Israeli advance on Gaza will almost certainly send the Aussie lower.
Current Level: 1.6661
Resistance: 1.6710
Support: 1.6430
Last Weeks Range: 1.6443 – 1.6703