FX News

EURO/AUD Transfer

The Australian Dollar fell through key 0.6000 last week after reaching 0.6040 (1.6555) against the Euro (EUR) on its way to clocking a low of 0.5944 1.6822 as market uncertainty in Gaza hit the wires. This week’s moves in the cross have been benign, trading around 0.6020 (1.6620) areas. ECB’s Muller says a deep recession won’t happen in the Eurozone as inflation is predicted to slow further over the coming months. Inflation is far from the ECB’s target of around 2.0% but recent interest hikes have hit their mark and are having an economic effect. The cross resides in a bull trend but 0.6035 (1.6570) will be hard to breach.

Current Level: 1.6663
Resistance: 1.6850
Support: 1.6590
Last Weeks Range: 1.6557 – 1.6843

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