The Australian Dollar (AUD) came under pressure late in the week reversing early week gains from 0.5160 (1.9370) to close out the week at 0.5115 (1.9550). We are in our 5th week straight of lower highs and lower lows in the cross as the pair reaches an April 2020 low Monday extending declines. UK GDP printed at 0.5% in June vs 0.2% expected, up from May’s 0.1% showing promising growth led by industrial production. Today’s RBA minutes should give us more clues as to policy guidance and if the RBA has finished hiking. UK CPI y/y Thursday should print around a percent lower at 6.8%, certainly the release will define future interest moves. We expect further declines in the AUD this week.
Current Level: 1.9554
Resistance: 2.0200
Support: 1.9160
Last Weeks Range: 1.9330 – 1.9561