Risk sentiment has picked up this week supporting the Australian Dollar (AUD). Prices into Tuesday trading were through key 0.9000 (1.1100) clocking high 89’s as the Aussie was better supported. Iron Ore traded off earlier lows up at 103.00 per tonne and talk of CPI Wednesday possibly rising above the current 5.1% y/y should confirm a 50–75-point hike at next week’s RBA policy meeting. Long term form suggests running with AUD momentum over the next while. A proper break past 0.9000 (1.1100) on the chart shows the next target is 0.8860 (1.1290) or the 6-year 2016 low.
Current Level: 0.8999 (1.1102)
Resistance: 0.8960 (1.0970)
Support: 0.9115 (1.1160)
Last Weeks Range: 0.9001-0.9100 (1.0988-1.1109)