After weakening off to 0.6135 (1.6300) levels late last week the Australian Dollar (AUD) has clawed back losses Monday to trade back at 0.6170 (1.6200) against the Euro (EUR) off the back of a collapse in the German coalition Government. Australian jobs numbers release Thursday and should reflect a shift in recent strong “employed” jobs numbers. Until late labour force participation has remained high at 67.2%, this has been creating wage and inflation pressures. This could all be about to change?. We pick a reversal on the cards back to 0.6060 (1.6500) levels.
Current Level: 1.6217
Resistance: 1.6530
Support: 1.6000
Last Weeks Range: 1.6160- 1.6542