A risk off Tuesday has seen the Australian Dollar (AUD) drop to 0.5185 (1.9290) against the British Pound (GBP) early this morning after starting the week out at 0.5235 (1.9100). Australian Retail Sales for the March quarter came in weaker than expected at -0.4% compared to 0.2% bringing early sellers of AUD to the table. US Stocks drifted lower, down over 1.5% in overnight trading as punters started to react to tomorrow’s FOMC rate decision. On the chart the GBP could run into resistance to the downside at the Fib level at 0.5170 (1.9350)
Current Level: 1.9297
Resistance: 1.9530
Support: 1.9100
Last Weeks Range: 1.9085- 1.9280