The Australian Dollar (AUD) bounced hard off 0.6250 (1.60) long term resistance mid last week to give back gains to 0.6120 (1.6350) yesterday. Punching below key moving averages around 0.6160 (1.6230) we could see more downside develop. Also weighing on the AUD is Chinese stimulus concerns, rising oil prices and the conflict in Israel. The RBA minutes signalled a removal of their dovish tone by not saying they weren’t reducing the cash rate in the near term.
Current Level: 1.6291
Resistance: 1.6400
Support: 1.6000
Last Weeks Range: 1.6000- 1.6185