FX News

EURO/AUD Transfer

The Australian Dollar (AUD) lost momentum towards week’s end pulling back from 0.6080 (1.6450) to 0.6035 (1.6570) , prices into Tuesday extended lower to 0.6025 (1.6600) as the Euro (EUR) took charge post last week’s ECB hike. Focus now lies with the time the ECB may hold rates at 4.50% with projections they were going to deliver cuts next year. Although economic considerations have fallen short the underlying labour markets remain robust. Lagarde speaks Thursday before French and German manufacturing. We may see the EUR continue to push higher this week across the board.

Current Level: 1.6603
Resistance: 1.7000
Support: 1.6350
Last Weeks Range: 1.6453 – 1.6795

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