The Australian Dollar (AUD) clocked 0.6250 (1.6000) late last week against the Euro (EUR) a new yearly high before loosing steam Monday giving back gains to 0.6180 (1.6180). Setbacks in the Aussie should be fairly well supported with key support seen at 0.6170 (1.6215) close by. On the economic docket this week in the cross we have Australian Unemployment data with expectations the unemployment rate should tick higher from 4.0% to 4.1% lending further support of no more hikes to the RBA cash rate. Friday’s ECB cash rate will publish with no change to the 4.25% currently, we expect two further cuts this year from the ECB.
Current Level: 1.6196
Resistance: 1.6215
Support: 1.6000
Last Weeks Range: 1.6000- 1.6089