The Euro (EUR) reached 0.5955 (1.6790) Monday against the Australian Dollar (AUD) after weekend tariff news spiked the EUR, in fact the likely scenario was a fall in the AUD. This level never held with the AUD roaring back to trade at the weekly open of 0.5170 (1.6620) Aussie Retail Sales which came in better than expected was largely overlooked Monday. The ongoing distress could spell further downside pressures on the RBA – they may be forced to cut rates more aggressively this year.
Current Level: 1.6619
Resistance: 1.6760
Support: 1.6540
Last Weeks Range: 1.6599- 1.6779