We were bang on with our predictions last week with movement in the British Pound (GBP), Australian Dollar (AUD) with price easing lower off 0.5250 (1.9050) to 0.5220 (1.9160) at the close of the week. Despite geopolitical news in the cross dampening the mood in markets the Aussie has ignored the brief shifting higher on a risk/equity rally to 0.5245 (1.9070) Tuesday. A move above 0.5250 (1.9050) would signal further upside. We think the likelihood is low with consideration of the geopolitical scene.
Current Level: 1.9080
Resistance: 1.9700
Support: 1.8900
Last Weeks Range: 1.8923 – 1.9221