We expect the Australian Dollar (AUD) to resume its bull run of late against the Euro (EUR) extending recent gains from 0.6120 (1.6350). The ECB are widely expected to cut their cash rate Friday morning a quarter of a percent to 3.40% which could keep the Euro on the backfoot for a while. Price has also moved back above key moving averages suggesting a shift towards the long-term high at 0.6250 (1.6000) could be the play. Aussie employment data is also publishing Thursday and should release benign with unemployment remaining at 4.2%.
Current Level: 1.6217
Resistance: 1.6360
Support: 1.6000
Last Weeks Range: 1.6110- 1.6352